Wine 1.7.53 was released a few hours ago, and, as with each new version, it comes with several improvements, including support for XAudio, Direct3D code cleanups, improved OLE object embedding, further implementation of Web Services DLL, and a bunch of bug fixes.

There is an official PPA for Wine here, but it only comes with 1.7.44, so to install the latest version you can compile from source following the instructions below.

Download the source tarball from here (direct link here) and uncompress it (tar -xf wine-1.7.53). Next, install the dependencies:

sudo apt-get install build-essential gcc-multilib libx11-dev:i386 libfreetype6-dev:i386 libxcursor-dev:i386 libxi-dev:i386 libxshmfence-dev:i386 libxxf86vm-dev:i386 libxrandr-dev:i386 libxinerama-dev:i386 libxcomposite-dev:i386 libglu1-mesa-dev:i386 libosmesa6-dev:i386 libpcap0.8-dev:i386 libdbus-1-dev:i386 libncurses5-dev:i386 libsane-dev:i386 libv4l-dev:i386 libgphoto2-dev:i386 liblcms2-dev:i386 gstreamer0.10-plugins-base:i386 libcapi20-dev:i386 libcups2-dev:i386 libfontconfig1-dev:i386 libgsm1-dev:i386 libtiff5-dev:i386 libmpg123-dev:i386 libopenal-dev:i386 libldap2-dev:i386 libgnutls-dev:i386 libjpeg-dev:i386

Now change the working directory to wine-1.7.53 and type:

./configure
make
sudo make install

Alternatively, you can specify a prefix to the configure script and install Wine as normal user:

./configure --prefix=$HOME/usr/bin
make
make install

In this case, Wine will be installed as $HOME/usr/bin/wine, so make sure $HOME/usr/bin is in your PATH variable.