Well since you do not have the old database, you need to follow the standard installation as if a new blog, setup a new db, make sure wp-config.php is correct etc. You will then use Tools>Import (this assumes the file is from the Tools>Export and not a db backup or dump) to import that XML file. Then include your theme and plugins and configure them. You can copy over media (in uploads) that are hard coded (you will likely need to rebuild any galleries) or any other non wp files in root or wp-content folders after you get site running.
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