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Download the CC2 area server installer from here run it as admin. While going through the set up process be sure to change the install path so that it doesn't contain Japanese characters. If you let it install to the default path containing Japanese characters it'll crash when you load it up.
Download the Netslum server from here then copy the downloaded file to wherever you installed the Area Server to. It needs to be in the same folder as "AREA SERVER.exe". If you want to, make a shortcut to NETSLUM SERVER.exe so it's easier to get to in the future, as the Start Menu shortcut won't work unless you change it to point to NETSLUM SERVER.exe first.
Open NETSLUM SERVER.exe and you'll be greeted with this screen (the white text is added by me, obviously):
Click on Map Editor, then the first option at the top left which opens a drop down menu, then the first option, like so:
The box that opens up asks for information to create your save data.
In the first box, enter the name you want your Area Server to display publicly.
The second box is your server "symbol", this is effectively the same as Δ, Θ, and so on from the main games. When you zone into the server or change field this will come up at the top left. You don't have to use greek characters, feel free to type whatever you want to be used to identify your server.
The drop down box will select the root town of your server. The list contains the Japanese names for the root towns in the order you visit them in the games (excluding Lia Fail, including Netslum).
Once you're happy with your selection click OK, then follow the gif image to save your server data and quit the Map Editor.
Now that you're back to the main menu, click the top left icon for Area Server, then the top left menu option, and from the drop down menu, choose the option with the letters ID in. This will open a prompt that says something about PlayStation 2, and means that the Area Server is now waiting to be verified by your game.
Open your game and choose Area Server from the title screen, then load your network config.
The game will open a menu called IP Port Config, which looks like this:
Now you need to find the IP address of the computer you're hosting the area server on. To do this click the Start button and type cmd, then choose command prompt. This will open a black window with grey text. Click in it and type ipconfig, which will output a bunch of stuff. Look for the IPv4 address, which will look something like it does in the screenshot, but the numbers will be different for you.
These are the numbers you'll want to put into the IP Port Config window on your game. Highlight the portion of the IP address you want to change in the game menu and press O, use the dpad to change the number then press O again to confirm that octet. Don't worry about the Port unless you've manually gone in and changed it in profile.ini. Press OK and if all has gone according to plan you'll get the message that the Area Server connection has been set up, and your Area Server will have some text in the bottom left window.
After it's been confirmed, click the top left menu option, then the first option in the drop down menu, select your save data and hit the button on the bottom left to connect your server to the Netslum.
If the root town map appears on the right hand side, your area server is up! You can verify this at http://fragment.dothackers.org/status/, if your area server's name shows up in the list it means the server is working properly.
The last step is to port forward port 20000 (can't remember if it's TCP or UDP so just do both lol).
This is different for everyone depending on the router you have, so just google how to port forward for your router. If you don't port forward the likelihood is that you will be the only one who is able to join your server, so you might not be able to play with other people!