ICS Custom Rom named as Aura V1 is available to update Samsung Galaxy Y S5360. You can install ICS Aura V1 Rom Firmware on Samsung Galaxy Y. And keep in mind, this is not aofficial ROM for Samsung Galaxy Y to update.

Disclaimer: We are not a developer of the ROM. We are not responsible for any damages. If any problem happens, we will help you to solve it.

Procedure:

First you need to root your Samsung Galaxy Y. Check this – How to Root Samsung Galaxy Y GT-S5360 (rooting procedure in the end of post)
And maintain minimum 60% charge in your battery.
We recommend you to make a backup. Because, after installing Custom Rom on your S5360, the data will be deleted.

SMS – sms Backup
Contacts – Sync with Gmail App
Videos, Images, Songs and Other Files – Copy to internal / External SD card or System
APN Settings – Take Manual Note from “Settings > Wireless & Networks > Mobile Networks > Access Point Names“

Enable USB Debugging mode via “Settings > Applications > Development > USB Debugging“
And disable your antivirus and firewalls in your computer.

Install ClockWorkMod Recovery on your phone. Check this – custom Recovery in Samsung Galaxy Y
Download the ICS Aura Custom ROM – Here
After downloading the zip package, connect your phone and transfer the file to the phone via USB Cable.
Then disconnect your phone from Computer and switch off. Then restart your phone in Recovery mode.
At the restart of the Galaxy Y, press Volume Up + OK + Power button together for few seconds.
Then your phone will move into recovery mode. Select “Install Zip from SD card” then “Choose Zip from SD card“. And after that, select the Aura V1 Zip file in SD card. Press volume up and down button to choose the options.
It takes few minutes to install. After that, it will be back on Recovery screen.
Select the “++++Go Back++++” then choose the “reboot the system now” option.

You can get all the news about Samsung Galaxy Y – Here

Now you have installed Ice Cream Sandwich Custom ROM Aura V1 on your Samsung Galaxy Y S5360.