i have applied in nov 2007 but still waiting for updation but eligible under new rules after nov 2008
can i apply if my one applicaion is already under process
yes, i believe you can have two applications in process (one under the old rules and one under the new rules) at the same time. There is a stage at which, you would have to withdraw one application. Not sure when that is. You could check out the CIC website, it should have that info. good luck.
i have applied in nov 2007 but still waiting for updation but eligible under new rules after nov 2008
can i apply if my one applicaion is already under process
We seem to be exactly in the same situation. (NOV2007 and Eligible under the new rules). If you are really desperate, then go for it.
You can apply under the new rules as Rupeshari advised. However, note that if you are expecting a refund of the fee after the withdrawal of your old application at any point in time, I'm afraid you may be disappointed.