There is a PPA for PHP 5.5 here:
https://launchpad.net/~ondrej/+archive/php5The safest route to follow would be:
- Enable backups (if not already) and make a snapshot of your linode;
- Spin up a new linode and restore the snapshot to it;
- On the new linode, experiment with upgrading PHP.
After a successful upgrade and when everything checks out OK you can either:
- Swap IPs, and make the new linode your production server. Though if you have dynamic sites watch out you don't lose any new data accumulated during the testing period;
- Or, repeat the upgrade process on your production box if you feel confident.
Then cancel the extra linode and the balance will be credited to your account. So it will cost you very little overall.