Yes, you can download it from the Canon website. They give you instructions on how to flash the firmware in the camera.
Check the version in your camera, first--it's in the menus. The current version is 1.0.7. The main fix from 1.0.6 was the "red noise" issue at the high-end (i.e., >1600) iso settings. You probably won't see an overall improvement in noise performance.
Have you tried processing with DPP instead of ACR?
And are you sure you're not adjusting for underexposure, which increases noise?
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