At step 4,you create the volume on the computer you have root access(a home computer for example),copy the program and set up necessary permission on the program
At step 5,you take the "hot" volume to another computer where you do not have root access to(like a friend's computer).On this friend computer,you open the "hot" volume and then run the suid-root program to gain root shell or run any other root command your prefer.
In a nutshell,if you are on linux and you have TrueCrypt installed,give me your computer to open my TrueCrypt volume and i can get root shell in seconds.No kidding.
The link i provided gave source code to test the exploit,if you cant or prefer not to,the check below link that speaks of the same exploit
http://vinicius777.github.io/blog/2014/07/14/truecrypt-privi...