[vintage.sick-net]# lofiadm -a /home/sickness/iso/sol-nv-b48-x86-dvd.iso /dev/lofi/1
[vintage.sick-net]# mount -F hsfs /dev/lofi/1 /mnt
[vintage.sick-net]# ls -al /mnt
total 948
dr-xr-xr-x   2 root     sys         4096 Sep 14 01:34 .
drwxr-xr-x  26 root     root         512 Sep 27 12:30 ..
-r--r--r--   1 root     root        2048 Sep 14 01:35 .catalog
-r--r--r--   1 root     root          92 Aug  3 23:58 .cdtoc
dr-xr-xr-x   5 root     root        2048 Sep 14 01:34 .install
lr-xr-xr-x   1 root     root          33 Sep 14 01:34 .install_config -> ./Solaris_11/Misc/.install_config
-r--r--r--   1 root     root         419 Sep  6 00:07 .slicemapfile
-r--r--r--   1 root     root          15 Sep  6 00:07 .volume.inf
-r--r--r--   1 root     root          17 Sep 14 00:42 .volume.inf.2
-r--r--r--   1 root     root          17 Sep 14 00:42 .volume.inf.3
-r--r--r--   1 root     root          17 Sep 14 00:43 .volume.inf.4
-r--r--r--   1 root     root          17 Sep 14 00:44 .volume.inf.5
-r--r--r--   1 root     root          17 Sep 14 00:44 .volume.inf.6
-r--r--r--   1 root     root        6851 Sep  6 00:07 Copyright
-r--r--r--   1 root     root      459760 Sep  6 00:07 JDS-THIRDPARTYLICENSEREADME
dr-xr-xr-x   8 root     root        2048 Sep 14 01:34 Solaris_11
dr-xr-xr-x   3 root     root        2048 Sep 14 01:34 boot
-r-xr-xr-x   1 root     root         257 Sep 14 00:44 installer
[vintage.sick-net]# luupgrade -u -n solenv2 -s /mnt

Copying failsafe multiboot from media.
Uncompressing miniroot
Creating miniroot device
miniroot filesystem is <ufs>
Mounting miniroot at </mnt/Solaris_11/Tools/Boot>
Validating the contents of the media </mnt>.
The media is a standard Solaris media.
The media contains an operating system upgrade image.
The media contains <Solaris> version <11>.
Constructing upgrade profile to use.
Locating the operating system upgrade program.
Checking for existence of previously scheduled Live Upgrade requests.
Creating upgrade profile for BE <solenv2>.
Checking for GRUB menu on ABE <solenv2>.
Checking for x86 boot partition on ABE.
Determining packages to install or upgrade for BE <solenv2>.
Performing the operating system upgrade of the BE <solenv2>.
CAUTION: Interrupting this process may leave the boot environment unstable 
or unbootable.
Upgrading Solaris: 100% completed
Installation of the packages from this media is complete.
Deleted empty GRUB menu on ABE <solenv2>.
Adding operating system patches to the BE <solenv2>.
The operating system patch installation is complete.
ABE boot partition backing deleted.
Configuring failsafe for system.
Failsafe configuration is complete.
INFORMATION: The file </var/sadm/system/logs/upgrade_log> on boot
environment <solenv2> contains a log of the upgrade operation.
INFORMATION: The file </var/sadm/system/data/upgrade_cleanup> on boot
environment <solenv2> contains a log of cleanup operations required.
INFORMATION: Review the files listed above. Remember that all of the files
are located on boot environment <solenv2>. Before you activate boot
environment <solenv2>, determine if any additional system maintenance is
required or if additional media of the software distribution must be
installed.
The Solaris upgrade of the boot environment <solenv2> is complete.
Installing failsafe
Failsafe install is complete.