Setting SLIME in emacs

Question

I was trying to install SLIME. I downloaded the zipped package and according to the README file, I have to put this piece of code in my Emacs configuration file:

(add-to-list 'load-path "~/hacking/lisp/slime/")  ; your SLIME directory
(setq inferior-lisp-program "/opt/sbcl/bin/sbcl") ; your Lisp system
(require 'slime)
(slime-setup)

Setting the SLIME directory is straightforward, but what about the Lisp "system"? How do I find it?

Solution

Top answer is a little bit old.

Nowadays emacs has an official package manager. You can install slime via MELPA repository. First setup MELPA, then M-x package-install RET slime RET.

After that you can set your inferior-lisp-program like the top answer explained.