You'll need to get some silicon hose to mount the new filter, then it just replaces the standard airbox. It really is an easy job to do.
here's a pic of Pinkys with her K&N installed, the larges blue hose is what you'tt need to get.the thinner hose should come with the K&N (in black tho)

Not sure whether the Powertec has a breather connection (for the thinner hose), if not you'll need an additional crankcase breather filter (I have one of these), which simply bolts on. I have the Pipercross Viper induction kit, I'll post pics tomorrow to show you in a bit more detail how to do it. But it is quite simple to fit.