All right. Enough theory, let's get our hands dirty and execute some command lines.
The node community has been very busy lately and has created more packages for it than any other existing platform. Not just packages but the core development too has been forked (for example, ioJS) and merged back to the main line. Since we are aiming for production, we are going with the current stable version v0.12. We are going to use NVM (Node Version Manager) to switch easily between versions when newer versions become stable.
If you are a Windows user, you can see the instruction on the NVM site at https://github.com/creationix/nvm.
*nix users, this is how you install NVM:
$ curl https://raw.githubusercontent.com/creationix/nvm/v0.24.1/install.sh ...