After finding out that I could redirect serial console output, I purchased a USB to Serial TTL PL2303HX (Prolific chipset) from eBay.
Next step was to connect the serial adapter to the Pi.
I have downloaded RPI Installer from http://www.raspbian.org/RaspbianInstaller, and copied the files onto my FAT formatted SDCard.
I have tried connecting via Putty but I get a blank terminal screen.
Question: What other steps do I need?