Big Disclaimer: Please be aware that nightly builds are not as rigorously tested for stability by the Flex engineering team before release, which is why you don't see them labeled with the official "Beta" tags. In fact, it is possible that some nightly builds may not work at all. Further, the nightly builds do not include further support for Adobe AIR, so you'll need to stick with the June release if using that technology.
Installation is as simple as backing up the "moxie" directory in your current installation (which is located under the "sdks" directory in the installation root) and then overwriting its contents with the downloaded zip (I also clean my projects in Flex Builder via the Project -> Clean...) option to make sure there are no lingering issues.
Unfortunately, there are no nightly builds of the Flex Builder 3 IDE available, but the Flex 3 Planning Guide indicates that a refresh will be available in early October (I'm guessing at MAX, even though it's technically at the end of September).
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