I know there is a lot of fragmented material on how to do do this all over the internet but I am requesting someone to please give me a step by step guide on how to go from the
The ActionBar is in the Support Library now!
Find the official documentation here.
And a video introduction about how to work with it here.
I wrote ActionBarSherlock which is an extension of the compatibility library designed to provide a single action bar API which works both with a native implementation on pre-3.0 devices as well as with the native ActionBar on post-3.0. This will allow you to write apps which work as low as Android 1.6 and up through Android 4.0+ without having to worry about shuffling between implementations. The library takes care of applying your API calls and theme across the Honeycomb divide.
You can find more information on http://actionbarsherlock.com such as sample applications and documentation.