use the x-chip control software. you get download it from the easybuy2000 website i think. Plug the x-chip into ur computer with a usb cable, and point it to ur 'c:\program files\x-chip\usb drivers' dir when it asks for drivers.
Start the control exe, and if it detects ur chip, the red X in the top left will go green, and the 'x-chip' menu will fill in. If not, you need to install some other drivers (the second one worked for me).
goto the x-chip menu, and click read settings. then right click banks 2-3 and click load bios. select the m7 bios, and click ok. Then right click it again, and set it to boot. Then goto x-chip>write changes. wait about 2min for the data to write to the chip. then remove the usb cable! (mine isnt reconginsed by by xbox if the cable is in.
start ur xbox without a disk in the drive. it should load the m$ dash. put the slayers installer in, and then power off, and on again. it may take a few attempts for you xbox to read the disk (3nd time for me) but eventually the installers main screen should come up.