Repurposed my Canon EOS 500D into a WebCam using the Magic Lantern Firmware

[TechRevitalized]

I had an old EOS 500D(EOS Rebel T1i / EOS Kiss X3) collecting dust on my shelf. I was already aware of the WebCam tools that Canon had released, but that had its limits.
That's when I discovered this community and the Magic Lantern Firmware.
As such, I wanted to document my findings and share them with the community.