Yes, the AutomaticUpdater and wyBuild work with 3rd part components. If you're asking about how to actually do the update process then this is a good place to start: Walkthrough for your first time using wyBuild.
For example, if I update my application with a new version of the DevExpress controls how do I include the updated controls in a wyBuild update?
When you build your app any components you're using are copied to the "Release" folder. All these files make up "your app" and you will be using them in wyBuild (after first copying them to a version folder as described in the step-by-step walkthrough)
Tell me if this helps.