I would like to use the content slider like in the sample, but as opposed to the static text, I would like to populate the slides with the content of the last 5 blog posts and just first 200 characters of each blog post.
Something like this:
[slideshow 6]
[slide title="Slide1"]Content of the 1st blog post. And only first 200 characters of it.[/slide]
[slide title="Slide2"]Content of hte 2nd blog post. This post could be displayed in full.[/slide]
[/slideshow]
Create a new thread and tell me what problems you are encountering and what you want to know. 
There is no step 3 :) 
