What you will need ......
Flat head screw driver
Fuel disconnect tool (found at your local auto parts chain 5/16s)
Possibly rust romover if your clamp is rusted.
Possibly a wrench to use over the screw head if you cant unscrew it with the flat head.
Jack stands
Jack
New fuel filter (duh)
Ok so now you have your tools, let gets started on what you actually need to do. First thing is first, you need to release the fuel preassure in your fuel lines. To do this simply go to your trunk, and on the left side under the carpet panel there is a fuel shutoff switch. It has a red button that needs to be pushed UP not down. There is a little slot to be able to push it up. Now you should actually do this while the car is idling so that it uses up all the remaining fuel in the lines till it dies.
After you empty all the fuel open the gas cap to release the actual pressure part. Now then, jack your car up and place the stands where you want them in a safe spot. When you crawl under the car you should see it pretty fast. Its a small, metal round cylinder with two metal hoses connected to it.
Now then, take your flat head and unscrew the metal band clamp thats around it, and move it to the left side and let it hang of the fuel line. Note that if its rusted it will be a PAIN and you might need to use a wrench to get it off. This is what I had to do anyway. There should also be two metal clamps that should just pop off with some pressure or a flat head. After the clamp is removed take your fuel line disconnect tool and push inwards toward the lines, away from the filter. Once you see what the tool looks like it will be pretty easy to figure out how it works. This will release the fuel lines. WARNING: Fuel might spray all over the place depending on how well you drained the fuel in the lines. So be careful and wear the proper safety gear.
Once the old filter is removed, just replace it. The fuel lines will sort of click right back onto the new fuel filter. Just screw the metal band clamp firmly onto the new filter and you are done. Also dont forget to push the red button on the fuel shutoff switch to re-enable your fuel supply. If you dont, good luck trying to start you mustang
Note: This is most accurate for 99-04 mustangs. I have heard some people just have plastic clamps, if this is so with your mustang just pop off the plastic clamps and replace filter.
Anyway hope this helps some people, I had no idea how easy it was.