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KB958488: I show that that is an update for Microsoft .NET Framework 3.5 Service Pack 1 on Windows - so it is totally separate from the other one.
KB976932: that is service pack 1
However this isn't really the best place to ask. I would ask your question on these forums: http://www.sevenforums.com/
Installing a service pack can be tricky and it's recommended that you temporarily disable your antivirus until it is completed.
There's some help here: https://community.mcafee.com/docs/DOC-2205
My OS came with SP1 included so I don't show the service pack KB number.
I can confirm that as Ex_Brit stated, that KB958488 is a Update for Microsoft.Net.Framework 3.5.1 SP1 for Windows. Upon reviewing my Update History, KB976932 was installed in September 2011 and is indeed the Sp1 for Windows 7 x64 .
As Ex_ Brit stated, installing can be tricky/lengthy. It even at times seems as though nothing is occuring. It took almost 45 minutes to install mine,if my memory is correct. By all means at the least,disable your McAfee Security Suite, and set to ( never ) until the update is installed. Then of course (Re-enable).
I think I even went as far as Uninstalling Mine,and reinstalled afterwards.
Anyway, just my 2 cents....
Not that Ex_Brit needed confirming of course, I just wanted to state that KB976932 was the same update