Microsoft has released a cumulative update for Project Server.  Such updates typically include components of both Project Server and Microsoft Office SharePointe Server (MOSS).  You’ll find the relative information below.

Webcast on the June Cumulative Update:
Information About Microsoft Project and Project Server Cumulative June Update

How to deploy cumulative updates for Project and Project Server
http://technet.microsoft.com/en-us/library/dd239177.aspx

Rollup Packages:
This is a set of two rollup packages which contains all the fixes for WSS, Project Server and MOSS.  These packages should be used when MOSS is part of the deployment and/or you have language packs installed.  The Server Rollup Packages are much larger (~200MB each) but they will greatly simplify MOSS patch deployment.

Individual Product Packages:
Individual Packages are specific to a particular product like WSS and Project Server.  These are smaller downloads but they do not include language packs or patches for other products so patches for those products would have to be downloaded and installed separately.
 

 

Client Installation:

In order to install this hotfix, you will need to have Microsoft Project 2007 SP1 installed on the client: http://support.microsoft.com/kb/937154/en-us

NOTE: Microsoft strongly recommends testing within a NON-Production environment prior to rollout.