E -
Cable pc-to-kindle, copy the Amazon update_*.bin file of your choice to kindle (Since you have a serial port to install the jailbreak with, get the most current version)
Remove cable (it should automagically un-export when you remove the cable).
U -
Duck, Cover, Wait -
it should be fixed when it reboots.
Stay away from that 'Erase All' choice - it real does work, take our word for it.
And once you get it working, and jailbroken -
stay away from that: "Reset (to factory defaults)" menu choice.