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Is it okay to download Android 4.0 on Xperia Ray? If yes, how? If no, why? And if ever I won't be allowed to upgrade to Android 4.0 then I will be automatically update to 2.3.4?
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it is fine to leave it charging, your phone won't charge once it reaches 100%, then as your phone is on idle it will drain some battery, if you have gps, wifi, bluetooth on it will drain faster, once it reaches 96% it will start charging again
I would recommend you do this
1) charge your phone 100%
2) use it as you normally do
3) do NOT charge it all day wait until it reaches 10%
4) once it does go to settings -> about phone ->battery use take a screenshot (press and hold the power button and then tap on screenshot)
5) tap on each item like screen and copy how long it has being on, repeat it with all the apps, that will give you a clear view on what is using your battery
If you use PC Companion or SEUS to update your phone, only 2.3.4 is available. 4.0 will also be available but its still under development. Yes, it is ok to download using this method.
I don't expect to see Android 4.0 this year, Galaxy Nexus hasn't been released yet
Well, thank you guys! 🙂 But can I ask one more thing? I was wondering if it's okay to charge my phone for 8 hours like overcharging it? Because my friend told me that it is good for my phone's battery because recently, it is starting to act up. Like I just finished charging it then by an hour without using it, it drops from 100% to 95%.
it is fine to leave it charging, your phone won't charge once it reaches 100%, then as your phone is on idle it will drain some battery, if you have gps, wifi, bluetooth on it will drain faster, once it reaches 96% it will start charging again
I would recommend you do this
1) charge your phone 100%
2) use it as you normally do
3) do NOT charge it all day wait until it reaches 10%
4) once it does go to settings -> about phone ->battery use take a screenshot (press and hold the power button and then tap on screenshot)
5) tap on each item like screen and copy how long it has being on, repeat it with all the apps, that will give you a clear view on what is using your battery
Thank you! You're a great help! 🙂
anytime, make sure you mark the correct answer so other users with the same question can find this answe 
Update: I DL an app named Advance Task Killer and use this at the same time with power save mode. And before that I overcharge it for 8 hours. And I notice that after 7 hrs only took 3% of my battery life!
I'm so happy
Normally, task killers don't do good to the Android system in terms of battery life. But if it has helped you, then that's amazing. Enjoy. 
agreed as long as it works for you