The requirements have gone up since this thread started, you now have to make a real money deposit and earn 50 summit points:
http://www.twoplustwo.com/poker-bonus/everest-poker/
However, 50 summit points is ridiculously easy. You get 8 points for each $1 in SNG rake, so play 25 $2.50+$0.25's or 13 $5.00+$0.50's and you're done.
Not sure about cash games (I'm a small stakes SNG grinder) but I expect it's similarly easy.