Upgrading to Lion
Right now I have OS X and have iphoto, imovie and other applications that I don't see listed on the Lion spec sheet. If I upgrade to Lion will I loose these applications?
IMAC
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No, but to upgrade from Leopard to Mountain Lion you first need Snow Leopard:
Requirements for OS X 10.6 'Snow Leopard'
http://support.apple.com/kb/SP575
Whilst Apple have withdrawn Snow Leopard from download, you can still get it from Apple by calling 1-800-MY-APPLE (if you are in the USA) and they will supply the SL DVD for $30. You can also purchase the code to use to download Lion from the same number.
If you are outside the US call your national Apple Helpline:
http://support.apple.com/kb/HE57
If you're in the UK, use this number: 0871 508 4400
When you have installed it, run Software Update to download and install the latest updates for Snow Leopard.