DacoTaco and Baduncle's modded version of Preloader 0.30 known as Priiloader 0.8 Beta 3 is available to the homebrew community.A Before starting you should know that they have advised that Priiloader won't save your Wii if you have screwed up the system menu iOS.
A few things that have been added in 0.8 Beta 3 are Bootmii IOS booting option, HBC title ID support, no need for ES_DIVerify, addition of online updating and a lot more which can be viewed at the source.
Installation is easy and pretty simple.A All you need is to have the means of booting homebrew.A If you are on homebrew channel 1.0.7 or above there is no need for patched ios's.
Source: http://code.google.com/p/priiloader/
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