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Either will work, copy the new files over to the existing sd card or swap the sd card. Depends what you are trying to accomplish but if you swap the sd cards then your vmail messages and settings will be whatever is on the other sd card.
in the future planning on setting up some remote extensions. i'm assuming sip is the only option to do so unless there is another way to setup a remote voip phone. I read that the MGI-16 card can do sip and do not need a license would that be a work around?
The MGI card is just a media gateway. All it does is allow the audio to be converted from one format to the other. If you are needing to use the SIP channels, then you must either buy the licenses or upgrade the software to 5.03 as nameless stated. The licenses allow for you to have the SIP extensions or the actual SIP trunks to be used. This has nothing to do with the MGI channels.