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  1. Go to Download page: https://github.com/ethereum/mist/releases
  2. Download the latest package of the MIST wallet for the operating system of your choice
  3. Unzip the contents of the archive
  4. Start the executable (Ethereum-Wallet)
  5. Synchronize with the Main Network (Homestead)

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Initial run of MIST

After starting the executable, a splash screen will appear. :

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You can click on "Skip peer search" to start the application directly, otherwise you will have to wait until geth downloads the entire blockchain database.
Depending on your computer hardware and bandwidth this can take some hours., so be patient!

Morden

Current development is being done on the Morden blockchain, which is the official test-network of the Ethereum Foundation.
Select the option via the menu at Develop > Network > Testnet(Morden). After some time, a progress bar appears and you can watch the synchronization progress as it downloads all missing blocks (about 825,000 at the time of this writing).
So be patient!