Given all the (justified) hype around Magic Lantern’s RAW hack more and more Canon users want to install the firmware hack. The most amazing results are obtained with the EOS 5D Mark III, but also a five year old camera that was never thought to shot video, the EOS 50D (here on eBay), can produce amazing results with the Magic Lantern hack.
Dave Dugdale from Learning DSLR Video made a video that shows step-by-step how to install the Magic Lantern hack. As Dave suggests, it is best to install first the stable version of Magic Lantern before playing around with the alpha-releases (or nightly builds) that deliver the RAW video output.
Be sure that the battery is fully charged before starting the installation process. You have to reset the camera to factory settings, then you have to format the memory card. After that you plug the card in you computer and copy the downloaded files on it. Finally, the card goes back in your camera, where you navigate to the firmware update menu. When all is done correctly you will see the screen output below.