Oi, I have recently brought my old miner to life and it has old wallet version 0.8.6.2.5 on it.
What do I need to do to get everything running on the latest wallet?
I guess I should also ask if this coin is even alive?
Of course it's alive

Just go to the OP ->
https://bitcointalk.org/index.php?topic=579973.0And download the lastest wallet version
Karma config setting
rpcuser=karmaname
rpcpassword=karmapass
rpcport=9432
rpcallowip=127.0.0.1
daemon=1
server=1
addnode=54.234.181.73:9432
addnode=204.246.67.106:9432
addnode=188.165.2.147:9432
addnode=23.254.97.16:9432
addnode=188.226.177.232:9432
addnode=68.5.34.219:9432
addnode=92.222.38.197:9432
addnode=209.188.18.188:9432
For a quick solution to syncing with the network
in your wallet go to help | debug window | console and type in:
addnode 54.234.181.73:9432 add
addnode 204.246.67.106:9432 add
addnode 188.165.2.147:9432 add
addnode 23.254.97.16:9432 add
close the popup window, wait for your wallet to start syncing.Wait up to 15-30 mins
If you have problem with syncing you can download bootstrap from here