Hi AJ. I could spend 30 minutes writing out a detailed walkthough but the best thing I can do is to point you to this tute. Being illustrated it explains things a lot better.
http://www.simviation.com/acinstall.htm
This will give you the basics for installing aircraft to any M$ sim except CFS3. All downloads are configured in different ways so read it carefully & make sure you understand the principle.
Jets might need a few simple tweaks to show up on the CFS2 menu. This is covered in my Aliasing article. http://www.simviation.com/lair/aliasing1.htm

Please post again if you have problems.