Upgrade OBIEE 11.1.1.3/5/6 to 11.1.1.7

1. Shutdown all OBIEE and Weblogic services
2. For OBIEE 11.1.1.7 you need weblogic 10.3.6. If you have Weblogic 10.3.5 then Patch number 13529623 is required to patch the weblogic from 10.3.5 to 10.3.6, download it from oracle support.
3. Upgrading the BI Domain - For this one you have to download the OBIEE 11.1.1.7.0  Software(bishiphome)

Note : You can find step by step process into Venkat Krishna Blog.  Thanks Venkat for this article, it is great and clear explanation.
Link : http://obieedeveloper.blogspot.in/2013/04/how-to-upgrade-from-obiee-11116x-to.html