You can install this but, this article points out that even update 11 does not fix the security flaw and it is suggested that you disable java altogether.
Java version 7 update 11 just now became available.
The link to Check Java version is in my signature.
Download the Linux version for 32 bit machines or the Linux x64 version for 64 bit machines.
The .RPM version is for other Linux Distros.
Choose "save file" when prompted and then the instructions to install it are in the other link in my signature Manually update Java.
The How to link is Oracle (Sun) Java JRE for Ubuntu, Linux Mint and Debian.
The instructions have been updated to 7.11 so you just have to copy and paste.
For 32 bit the instructions are on the left and for 64 bit the instructions are on the right.
It will tell you to remove any older version first and provides instructions for doing so.
This method also removes the IcedTea Java-plug-in
This is intended for those who prefer the CLI method of updating Java.
When you get it installed and restart Firefox open a tab and enter:
It should show this:Code:about:plugins
Java(TM) Plug-in 1.7.0_11