Wow, a secondhand 550 already! Good find!
1) there should be a small blue plastic card with a rounded point on it, use this to pop the main o ring out. If it didnt come with any BLUNT plastic edge will do.
2) Use a Q-tip to clean the o ring slot of old grease that the seller may have left behind.
3)Use about a pea sized blob of grease and work round the o ring between thumb and forefinger all the way round, feeling for cuts, abrasions, anything as you go. You may need a touch more the first time. The whole ring should appear wet with grease but not have any remaining blobs. Too much grease will only attract dirt and hair.
4) once u are happy, pop the o ring back in carefully. You may wish to add a touch of grease to the housing sections which join but it shouldnt be needed.
5) Do all o rings, inc ports in the same way. For screw threaded parts, compact port sections, a little more is useful for ease of turning.
6) no need to grease any part of the bayonet system, just the rings themselves.
7) cant remember if the 550 has a leak detector, but think it does. Check it by licking ur fingers and touching the contacts. The light should flash and should beep.
8) Lock the housing without anything inside and test in a suitable bucket/container.
Best do the first dive with tissue and no camera inside. This means should it have a fault from the seller, ur camera is not toast, and u get to go hunt him down!
After dives, just wash, rinse and dry before opening. O rings should last a while without need to re-grease. 2 opinions, if its aint broke, dont fix it. OR do it regularly and dont let it break. Just check each time.
Depending on how long u will have between dives, is it best to dis-assemble the ports etc and put caps on to stop the o-rings flattening out or ports getting stuck on.
Hope that helps.
Olly