You didn't say what kind of boat you're sailing. I assume you're flying a symmetric spinnaker. Here's how we do it on our Flying Scot:
1. Pole comes out.
2. Clip pole onto guy (windward side).
3. Clip topping lift onto pole.
4. Release guy from its cleat; shove pole out and clip to mast.
Pole should be parallel to the water. If not, adjust topping lift.
(we don't release everything like you suggested.)
5. Hoist Spinnaker
6. Pull spinnaker around with guy until the clew hits the pole. You may have to push or hold pole forward; it tends to come back with the guy.
7. (We might let a little of the spinnaker sheet out here; don't let it completely loose)
7. When pole is far enough back to be perpendicular to the wind, cleat the guy.
8. Trim with the sheet to fill the chute.
9. woo hoo! you did it! now you're going to ask me how to get it back down
10. Trimming: try to keep the pole parallel to the water and perpendicular to the wind. Once the chute is up, you might speed up, which will bring the apparent wind forward a little, requiring you to move the pole forward. If you get in a lull or head down, it will have to come back. If the chute falls, trim it before you lose more than just a little of the luff. If that doesn't work, drop the pole forward a little bit.
How to get it back down:
1. unclip the pole from the guy, the mast, and the topping lift. Stow pole.
2. Release the guy and pull the spinnaker sheet until you have the whole foot of the spinnaker in your hands.
3. Release the halyard & pull the chute down and stow it. Keep a little tension on the halyard and allow the crew to pull it down. We don't just release the halyard and hope for the best; that's a good way to run over your chute.
Done right, this will leave the chute in a position to rehoist it.
Let me know if you want to know how to gybe it.
What kind of boat do you have?