Yeah, that's about it. You are purging either water or air. Again, it's been a while but...

There's a drain plug at the bottom that, when opened, will purge the filter of moisture when pumped.

There's a screw (opened with a flat head screwdriver) near the top (and next to one of the hoses) that, when opened, will purge the filter of air when pumped.

You pump by pushing (plunging/priming) the round disc at the very top of the assembly with the butt of the palm of your hand.

To purge air,
1. loosen the screw
2. pump...this is purging air
3. tighten the screw
4. pump...this is sending fuel through to the injectors
5. crank the engine up to 10 seconds.

If she starts, that's it. If it doesn't, start at 1. again.