If you were using project reference and all the projects were in the
same solution, you would not have to do anything .NET will take care of
placing the new DLL in the correct spot to be used by the program that
has reference to the DLL.
If the classlib project is its own separate standalone project, then you
have to copy the new DLL to the area where the program using the DLL can
access the new DLL. You can have multiple versions of the same named DLL
in a location that is the advantage you have with .NET, other wise, if
it is a COM solution DLL, then the DLL has to be registered with the O/S
and with only one pointer is the registry for any given DLL.