There are a few things here that need to happen. To effectively pass your data downstream (i.e. from your app in the application thread down to the draw), there are a few steps. Look at the vsgs_dynamic_geometry sample. It shows how to modify the underlying geometry on the fly.
Mix that in with the VBO you wish to update. There are a few caveats when using vbos. Since you are dynamically updating your vbo, make sure to specify an appropriate usage (like STREAM_DRAW). This is important from an OpenGL perspective.
The other caveat is if the data you are modifying is of a different size and/or adding new attributes (like colors, normals. etc). Any such changes would require rebuilding a new vbo.