Please remember that WAMPSERVER ( possibly the word server confuses people into assuming wamp itself is a web server, and it is not ) is just a nice handy tool for installing Apache, MySQL and PHP in a pre-configured ready to go way.
You still need to have some Apache and MySQL knowledge or read up on them yourself if you are doing anything other than just playing with it.
The MySQL website does have documentation about this, in fact it has a page specifically for upgrading from 5.1 to 5.5.
Here is a link
[dev.mysql.com]
It would be better to do a drop database from phpMyAdmin or the mysql executable to remove databases but MySQL seems to be able to cope quite well if you just delete the folder from the /data/ folder so dont panic.