Xecuter is the chip you need
Slayers install disc is a cd image you can download that has a bios for the chip on it and it will automatically install Evox (the dashboard that lets you choose all the apps games etc. you install on the hard drive)
The main things you need after you have chipped your xbox and put the new drive in are
A new dashboard ( lets you navigate much like the MS on eyou get when you boot with no disc in, evox is the most user friendly)
then the apps that are useful are
Video mode selector ( lets you choose NTSC so you can get progressive and hi-def)
HDD Loader (lets you install games etc. on your new hard drive)
emulators (snes, mame, megadrive etc.)
DVD region free player
Utils (ftp server, transfer files from pc-xbox, xbox-xbox, etc. plus loads of other things that may be useful as you get more into it)
Xbox Media Player (lets you play divx, photos, music etc. either from the xbox hard drive, dvd drive or streamed from a PC on your network)
These are the main apps you will use on a day to day basis and rather than installing them via ftp from your PC, and then having to edit the .ini file (the file that tells the menu where everything is located) the Slayers Installer Disc will do all this for you and install all the apps above and more.
So all you need to do is chip, fit drive, load slayers disc, upgrade the bios, then do a full install to the Xbox F:\ drive using the slayers disc and reboot.
If the chip is on you will boot to the EvoX dashboard, and if the chip is off you will boot into the normal MS dashboard and it will look like a normal retail machine.
Once you do it it will all make sense
It takes about an hour to do from start to finish, including the chip.