Help with installing Guestbook v1.51

I am trying to install Guestbook v1.51 onto my new iPowerWeb account. I have attempted to follow the instructions within the readme.txt file unfortunately without success. Could someone please give some more explicit installations and advice ie when the instructions state "Set the correct paths and required urls." Which lines of code do I have to change. For instance when I see http://localhost do I have to change this to http://www.mywebsite.com

This is the first time I have attempted to install a cgi perl script please help