Well, that's how you run it after its in the correct place...
I think he wants to know how to actually get it there. Now, I'm not sure about this the steam way, but for myself, I go to E:\Program Files\Mount&Blade\Modules (yours may be a different drive or whatever, but the rest should be the same, unless you changed it). This is the modules folder. Drop the folder containing the mod here. Then follow the directions from the guy above me.
Edit- Of course, your directory will be different since it is steam...just find the folder containing all of M&B's files, and go into the Modules folder. Then follow my, and then his, instructions.