Go to VIM website and download VIM:
$ wget ftp://ftp.vim.org/pub/vim/unix/vim-7.4.tar.bz2
$ tar xjf vim-7.4.tar.bz2
$ cd vim74
$ mkdir -p ~/local
$ ./configure --prefix=/home/username/local
$ make install
Unfortuneately VIM may look for dependencies on the system level. This may cause syntax highlighting to fail. To force VIM to use only the locally installed files associated with your new VIM you must change an environment variable in your ~/.bashrc
file.
export VIMRUNTIME=/home/ctokheim/local/share/vim/vim74/
Then either logout and back in or source ~/.bashrc
. Of course you may also want to add the path to the vim executable to the system path.