There is no "upgrade" really. You will need to buy a new license for CF 11 (there is no upgrade path from 7 to 11) and then install it on the server you want to run it on.
The only thing you will need to do is check your code works when running on CF11. You can get a developer edition of CF11 to run locally to test your code and make changes before deploying it to production. Alternatively there is a code analyser that can give you a few hints to what needs changing in the CF 11 administrator.
The coldfusion MX 7 is current running on a windows 2003 server. We are
planning to setup a new windows 2012 environment. So the migration path
sound like to install a full version of coldfusion 11 on teh window 2012
server and move the folders of the coldfusion MX7 to the new server?
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So the migration path sound like to install a full version of coldfusion 11 on teh window 2012 server and move the folders of the coldfusion MX7 to the new server?
Essentially, yup. There are quite a few things that have been deprecated between CF7MX and CF11; likewise, quite a few new things.
And even if you did do the upgrade process, I'm pretty sure you'd first have to upgrade from 7 to 8, then 8 to 9, etc.
A full install from scratch would be not only the easiest, but also the fastest. And as haxtbh pointed out, the best thing would be to install CF11 to a test server, copy your .cfm files and components, et al, to that test server, and run the application, prepared to do a lot of troubleshooting and fixing of code. It might also be beneficial to do some research and see if any of your CF7 code can be more efficiently done with some of the new CF11 functions.
Yeah you will install CF 11 on your new server, configure the server to work etc and then just upload your file to that server.
As I mentioned though, you will really want to test this locally first or something as something will not work. CF11 comes with a developer edition free or the CF11 trial will be enough for you to test with to make sure its all ok.