Once you download the binaries it's quite simple and straight forward to configure your web applications to use it.

You just need to append or configure the system.web/healthMonitoring section within your web.config file with the following configuration snippet:

  <healthMonitoring enabled="true">
   <providers>
    <add name="trace" type="System.Web.Management.TraceWebEventProvider, System.Web, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a" />
    <add source="EventLogSourceName" name="eventlog" type="NG.Web.Management.EventLogWebEventProvider, NG.Web.Management" />
   </providers>
   <rules>
    <clear />
    <add name="Application Lifetime Events Default" eventName="Application Lifetime Events"
     provider="eventlog" profile="Default" minInstances="1" maxLimit="Infinite"
     minInterval="00:00:00" />
    <add name="Request Processing Events Default" eventName="Request Processing Events"
     provider="eventlog" profile="Default" minInstances="1" maxLimit="Infinite"
     minInterval="00:00:00" />
    <add name="All Errors Trace" eventName="All Errors" provider="eventlog"
     profile="Default" minInstances="1" maxLimit="Infinite" minInterval="00:00:00" />
    <add name="Infrastructure Errors Default" eventName="Infrastructure Errors"
     provider="eventlog" profile="Default" minInstances="1" maxLimit="Infinite"
     minInterval="00:00:00" />
    <add name="Request Processing Errors Default" eventName="Request Processing Errors"
     provider="eventlog" profile="Default" minInstances="1" maxLimit="Infinite"
     minInterval="00:00:00" />
    <add name="Failure Audits Default" eventName="Failure Audits"
     provider="eventlog" profile="Default" minInstances="1" maxLimit="Infinite"
     minInterval="00:00:00" />
    <add name="Failure Viewstate Events Default" eventName="Failure Viewstate Events"
     provider="eventlog" profile="Default" minInstances="1" maxLimit="Infinite"
     minInterval="00:00:00" />
   </rules>
   <eventMappings>
    <add name="Failure Viewstate Events" type="System.Web.Management.WebViewStateFailureAuditEvent, System.Web, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a"
     startEventCode="0" endEventCode="2147483647" />
    <add name="All Management Events" type="System.Web.Management.WebManagementEvent, System.Web, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a"
     startEventCode="0" endEventCode="2147483647" />
   </eventMappings>
  </healthMonitoring>

Before start using your application you must ensure the EventLog SourceName you intend to use exists. If not, you can easily create it using this simple PowerShell script:

$creationData = new-object System.Diagnostics.EventSourceCreationData("EventLogSourceName", "Application")  
$creationData.CategoryCount = 5
$creationData.CategoryResourceFile = "c:\Windows\Microsoft.NET\Framework\v4.0.30319\aspnet_rc.dll"
$creationData.MessageResourceFile = "c:\Windows\Microsoft.NET\Framework\v4.0.30319\aspnet_rc.dll"

if (![System.Diagnostics.EventLog]::SourceExists($creationData.Source))
{      
	[System.Diagnostics.EventLog]::CreateEventSource($creationData)  
} 

if ([System.Diagnostics.EventLog]::Exists($creationData.LogName))
{
	$eventlogs = [System.Diagnostics.EventLog]::GetEventLogs()
	foreach ($evtlog in $eventlogs)
	{
		if ($evtlog.Log -eq $creationData.LogName)
		{
			$evtlog.ModifyOverflowPolicy([System.Diagnostics.OverflowAction]::OverwriteAsNeeded, $evtlog.MinimumRetentionDays);
			$evtlog.MaximumKilobytes = 20096;
		}
	}
}

and change it accordingly.