Possible to update the OS on a Simulator?

[ben.keen]

I downloaded the 9630 Simulator from RIM's site. When I made the selection on which version to download I selected the Verizon version because I'm want to use the simulator to demonstrate how to run Loader.exe on a device on an overhead. Well I got BBDM to see the device by simulating a usb connection and BBDM did see the applications loaded on the simulator needed to be updated because the simulator from the BB website is still "running" 4.7 which for my purposes is great. Well I went to do a dry run and everything works great up to the point when I ready to load the OS. When I try doing that, I get the error screen that says the device is out of memory and to select less Apps. I went through the list and unselected EVERYTHING except the items grayed out and I still got the error. Any ideas?