How to Install I5500XWJQ3 Firmware Update Android 2.2 Froyo on Galaxy 5 I5500 Europa

Here's the step by step guide on how to install the latest Android 2.2 froyo firmware update with build I5500XWJQ3 and a build date of September 15, 2011 on Galaxy I5500 Europa. I know a lot of you has been awaiting for the Gingerbrd version but, this isn't a Gingerbrd upgrade for our 5 yrs old Galaxy Europa - there are a few customize ROMs and a CyanoMod7