In rereading last_insert_id(), it will only ork if you've inserted a value in the current connection. And since I don't think MySQL supports nested selects, you'd have to get the last ID, then use that to update the database separately. Your application might have to do some work and perform two queries:
e.g. in PHP
$query="select max(id) from <table>";
$res=mysql_query($query);
$max_id=mysql_fetch_row($res);
$query="update <table> set <column>=<something> where id=$max_id";
It's a kludge... and only to give you an idea of what I mean. --
How can you be in two places at once when you're not anywhere at all?