These upgrades can be used to upgrade an economy seat to business or first class. The flight must have available seats for the upgrade to apply, but that can be checked with a quick phone call. See United's website for details.
http://www.united.com/page/article/1,,50027,00.html#Systemwide%20Upgrade%20terms%20and%20conditions

Please Email me if you have any questions. The best way to complete this transaction will be in person on or near campus.