There are so many guides on this website that tell you exactly how to do this, i'm not even sure why i'm responding. I don't mean to be a *****, but please, just look around!
I have already, and the majority of the guides add in so much extra crap that it just gets confusing.
And it would have taken you much less time to just type a yes/no than to type what you posted, since you're so concerned about wasting your own time.
My point wasn't that i was wasting my time, I was only attempting to point out that the resources available on this site are there for a reason. The first time you install a non-official OS, it IS going to seem very complicated and confusing. You'll get the hang of it. Here, i'll give you a quick synopsis:
1)backup
2)wipe device
3) Uninstall any old OS's from computer, install 5.0 OS to computer.
4) navigate to C:/program files/common files/research in motion/AppLoader and delete vendor.xml
5)run loader.exe in that same folder
6)go through your install process
7) do a batt pull or two until things smooth out
8) restore your backup
9) rock out.
I know that sometimes a bit of moral support is really nice. I did an update last night and I kind of was nervous even though I have done them before but each one brings a bit of trepidation. And last night all went well and I left my BB to do its thing when the message prompt said the step could take 1/2 an hour. Came back and nothing seemed to have happened an hour later. The reinstall of my data died for some reason! The phone had this tiny box that said reset! All was well but I did have to run DM to reinstall my data myself.