Saves should be in your "My Documents/My Games/FalloutNV/Saves" folder. You can just burn then as-is.
Steam should patch automatically as long as you are online and signed in (and have it set to auto-patch).
The patch will be announced here: http://store.steampowered.com/news/?appids=22380
Usually though, the patch comes out a few hours before the news is updated (at least in my experience).