This update site provides the features of the Callisto Release -- currently the M5a version.
It requires that you have at least the Eclipse 3.2 Platform Feature installed (again, the M5a version).
For example, to start with minimum foot-print, you can use the Platform Runtime Binary appropriate for your operating system.
See Eclipse Help for general information about using Update Manager.
Tip: To lessen download time (by installing the minimum number of features), first select the desired feature in the Eclipse update install dialog, then use the 'select required' button to select only the minimum required prerequisite features.
Tip: any time you get a chance, export your bookmark files from the "add a site" dialog. Having them saved away in a safe place makes it much easier to re-create another development environment.
Tip: Since the workbench will have to shutdown and restart you can you do the upgrade and installs with an empty workspace and once satisfied all is well, then use the -data option on the Eclipse command line (or shortcut) to point to your workspace of interest.
Tip: Both before and after installing "new" features, you may want to use update manager to "check for updates to currently installed features". In some cases, just installing a feature will not necessarily upgrade all of its prerequisites to the highest available level.
Here is an example screen shot highlighting. The example is from having started with just the Eclipse Platform Feature installed.