Ok so I have read through the Socket.IO docs and I am still a little unsure of a couple of points:
The documentation says...
To run the demo, execute the followi
If your shared host is a LAMP system with no command line access you're not going to get very far with Socket.IO. The instructions you posted assume you have command line access and that you've installed the node.js runtime on your system.
If you really want to try this I recommend you get a VPS of your own (I use prgmr.com) to test it out. For what it's worth I found the Socket.IO platform pretty nice to use once I got it up and running.