I just found this over at MobileRead Forums. I couldn't wait to share. The process is straightforward.
1, Download the update.zip and copy it to the root folder of your Alex's SD card. BTW, the second link is a copy I have on my blog in case the one from Rapidshare takes too long.
2, Power down.
3, Press and hold simultaneously the "back" and "next page" button.
4.) While keeping pressed the 2 buttons, press and hold the power button. Keep pressing these 3 buttons until the alex logo appears on the screen. Release the power button.
5.) You will enter recovery mode. Release all buttons.
6.) press back + power button to apply the update.zip. Hold until it's finished.