It's easy. Just use the built-in upgrade in Winbox. You might have to do it a few times. The first time it will upgrade to the newest 6.x and then do it again and it will go to somewhere around 7.12, and then do it again and it will go to 7.14
IIRC, hitting upgrade in v6 will only go up to latest v6 (depending on channel used it'll be either 6.49.13 or 6.49.15). To go beyond that, one has to change channel to upgrade, at which point it'll go up to 7.12.1 (channel will revert to "stable" automatically after upgrade). And upgrade routerboot again to 7.12.1.
When device is at 6.49.13 (or .15), don't forget to upgrade routerboot (System -> RouterBOARD -> Upgrade) as ancient routerboots may have problems booting ROS v7.
I suggest you to take another path to upgrades though:
- make configuration export
open terminal window, then execute command /export file=anynameyouwish, fetch it off device to your management computer
- upgrade to 6.49.13 as described earlier, upgrade routerboot
- netinstall the device to 7.12.1
It's a fragile process so you may struggle to get it done. When doing it, add wireless package, available from extras ZIP archive.
Also, when doing it, don't select "keep configuration"
- using winbox (click MAC address) connect to upgraded device, reset it to factory defaults and proceed from new default config
Use exported config (step #1; open file in text editor) as reminder about specifics. Specially try to keep firewall settings as much to the defaults ... these changed in past few years and are very sensible now (not so much in the past) so before adding something, study the new philosophy of rules (e.g. they rely on proper interface list management which has to be done manually), don't just blindly copy over the old rules as they likely won't work unaltered.
After you finish the configuration, upgrade routerboot to latest available (7.12.1).
The point of doing netinstall (versus simple upgrade mentioned in previous posts) is that it does purge old config (which may use up additional storage space and you can't clear it otherwise) and it does upgrade your config to new base line (which is much better than it was in 6.42 times). My own experience is that performance also increased (by how much depends on how screwed the previous configuration was) after netinstalling device (although v7 usually performs slightly to considerably slower than v6 with similar configuration).
And I concur with @holvoetn regarding waiting for 7.15. after installing 7.12.1.