If you want to apply that patch, you will need to recompile the kernel. Instructions for doing so can be found here:
With that in mind, the patch in question appears to be adding an additional USB ID to an existing driver. It is possible to patch additional IDs into a driver at runtime, so you might be able to get get away without going through a recompile. You may want to try this even if you plan to recompile the kernel, since it should be enough to verify that the hardware works.
First of all, load the driver in question:
sudo modprobe gspca_pac7302
Now you need to tell the driver about the new device ID:
echo 093a 2627 | sudo tee /sys/bus/usb/drivers/gspca_pac7302/new_id
At this point, the driver should bind to the new device. If it doesn't, try unplugging and replugging it. You should see a new
/dev/videoN device file, and maybe some extra log messages in the output of
dmesg when this happens.
The patch also sets a flag saying that images from this particular device are vertically flipped, so you might notice that in video applications. I am not sure how you could fix that without the kernel recompile assuming the video application you're using doesn't have some way to correct for this.