Extract contents to freshly formatted SD card
Enter SM in maintenance mode (press and hold + - at health screen until SM comes up)
Load MMM from HBC
Choose Wad Manager
Choose to install all wads (press 1)
Make sure everything installs successfully
Install Priiloader prior to exiting MMM
Choose App Manager -> Priiloader and the installer will start.
Follow Instructions to install Priiloader and then exit to SM.