If you have ever installed a WordPress plugin, then installation will be pretty easy:
- Download the Exec-PHP plugin archive and extract the files
- Copy the resulting exec-php directory into /wp-content/plugins/
- Activate the plugin through the 'Plugins' menu of WordPress
- Configure blog and user settings if needed
For support and further information about the Exec-PHP plugin see the plugins homepage at http://bluesome.net/post/2005/08/18/50/.