Installing RMagick on Windows 7

In my efforts to install Ruby on Rails and SpreeCommerce on my Windows 7 laptop, the problem that stumped me the longest was the ‘spree install my_store‘ command that gave me the error:

'identify' is not recognized as an internal or external command,
operable program or batch file.
Image magick must be installed.

I tried running ‘gem install rmagick‘ first, which installed something, but it was still not sufficient to let me run the ‘spree install my_store‘ command without aborting in an error.

After much searching on Google and concatenating all these outdated sources, I finally figured it out. Steps (and troubleshooting details) are below.