Wine 1.5 comes and said to brings many improvements, but if you are not sure if this version (or any version of Wine) will make or break your current applications, it is recommended to use Playonlinux, with this application you can have multiple versions of Wine on your Ubuntu.
From the oldest to newest Wine, they are all just a download away.
First of all download and install latest Playonlinux here.
After that go to Tools > Manage Wine Versions, and you'll have this window.
Here you can pick as many Wine versions you would use as you like (as of this writing it's Wine 1.5.0-raw3).
Easy and safer way to try out Wine versions.
keyword : ubuntu latest wine 1.5 multiple version