LO Extraction - Steps

Step by step procedure in below thread:
https://www.sdn.sap.com/irj/sdn/thread?threadID=395477

Also go through this link to know the procedure step by step
http://www.sap-img.com/business/lo-cockpit-step-by-step.htm

To understand LO extraction go through these weblogs by Roberto
https://weblogs.sdn.sap.com/pub/wlg/1096
https://weblogs.sdn.sap.com/pub/wlg/1106
https://weblogs.sdn.sap.com/pub/wlg/1183
https://weblogs.sdn.sap.com/pub/wlg/1262
https://weblogs.sdn.sap.com/pub/wlg/1522

For advantage of LO over LIS, go through this thread
https://www.sdn.sap.com/irj/sdn/thread?forumID=132&threadID=61546&messageID=650080

BI content installation:
http://help.sap.com/saphelp_nw2004s/helpdata/en/c1/ea683cc5e8ca68e10000000a114084/frameset.htm

Check below thread for more info:
https://www.sdn.sap.com/irj/sdn/thread?threadID=741682

To Install a BC:

Go to the Business content Tab in RSA1 or directly to the T-code RSORBCT.
Select the object you want to install(infocube/DSO/Cube etc). Bring this object in the right hand side of the screen and click on install button.It will be installed and you can see this object in RSA1 now