so... after reading the faq once again:
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Use apt-get. Apt-get will fetch and install binary packages for you, saving compiling time. You should either use this method or the Fink Commander binary method (above) if you don't have the Developer Tools installed.
To update fink open a Terminal.app window and type sudo apt-get update ; sudo apt-get install fink
Once you've updated fink, you can install other packages, using the same syntax, e.g sudo apt-get install gimp to install the Gimp. Note, however, that not all fink packages are in binary form.
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Install from source (requires the XCode Tools [Developer Tools on 10.2] to be installed). To update fink run fink selfupdate. When prompted, select option (1), "rsync". This will automatically update the fink package.
Once fink is updated, you can use "fink install" to fetch and compile from source code. For example, to install the Gimp, run fink install gimp.
note: this method descrbes how to install binary-packages. no building from source or something.