Patches are either cumulative or delta. The cumulative one brings you up from a base install, or possibly from 1.0.08 or something to current. I haven't tried it from 1.0.08 or some other "starting point" other than a base install. The delta patches are just what they are, though, 1.0.11 to 1.0.12, etc.
I always step through the delta patches one by one, or apply the cumulative patch to a base install. I've never tried anything else, but I've never had a problem with my patch procedure.