A step by step guide to upgrading to MySQL 5.5

MySQL 5.5 has created a lot of hype and its not just hype, there are major performance enhancements not only in the MySQL server itself but in the newer InnoDB plugin shipped with MySQL 5.5. That's exactly the reason why I have myself upgraded to MySQL 5.5 (The server running this blog run MySQL 5.5). Now since I haven't come across a guide to help in upgrading to MySQL 5.5, I thought why not make one myself