This is awesome, guys. Thanks a lot for your help and support!
Well, you obviously have to do the firmware update first.
So basically:
Update firmware to 5,1
Open up your Mac and remove the CPU's (I would suggest keeping them, just in case you need them sometime later on. You only get like 20$ per pair anyways.
Install the new CPU's including the thermal pad and heat-sink plug modifications.
If you also plan on upgrading the RAM, just remove the old ones and insert the new ones. Not that big of a deal
In case you are running Lion, Mountain Lion or Maveriks, I guess you should be good to go with just booting into your old OS. Can't tell for Snow Leopard though.