Im currently running windows 7 and Lion on my late 08 mac, i plan on upgrading to Mountain Lion soon, im just wondering that after that can i update my windows 7 partition to windows 8?
Yes, since the Mac and Windows partitions are completely separated, an update of Mac OS won't affect the windows partition (as long as you don't erase your whole hard drive of course). So you can update Win 7 to Win 8 after upgrading OS X to Mountain Lion.