Hello,
All skins regardless if they have been bought off a third part will be installed the same way or will include relevent instructions. The company should offer their skins for the latest vBulletin yes, though I can't tell you which ones have updated and which ones haven't (Most should have 3.6.8 versions by now).
Installation is easy, check out the vbulletin documentation here:
http://www.vbulletin.com/docs/. Otherwise I wrote this simple step by step guide in another thread:
1) Download skin
2) Unzip it
3) Upload the files to your server (follow instructions in skin package as to where. Placement varies but is usually inside the imges folder)
4) Go to your admincp
5) Go to
Styles & Templates -> Download / Upload Styles -> Import Style XML File
6) Find the xml file and click import
7) Enjoy
Hope this helps