Another vSphere 5 video for you. There's many coming so grab some popcorn and enjoy!
This video demonstrates licensing ESXi 5.0 and vCenter Server 5.0 systems using the vSphere 5 Client. This video assumes that you have already purchased the required product licenses and shows you how to apply those license keys to your vSphere 5 environment.
For additional information relating to the licensing process within a vSphere 5 environment, check out VMware Knowledge Base article: Licensing ESXi 5.0 and vCenter Server 5.0 (2004362)