Gpg4win installs a suite of several related programs, the core program being gpg. The version number of the suite and the programs it contains will not be the same.
gpg has 3 branches:
classic (1.4): Old and not available on Windows.
stable (2.0): Current branch. Included with Gpg4win 2.3
modern (2.1): brand-new version which supports ECC and other shiny features. Included with Gpg 3.0. Available at https://files.gpg4win.org/Beta/current.
Verify the certificate with the information at the bottom of this page. Note that what the rest of the world calls a "fingerprint" (or fpr for short), Windows calls a "thumbprint".
Install Gpg4win
Run the downloaded file
When Windows asks if you want the program to make changes to your computer, say yes. Note that you can also verify the file here.
Choose the appropriate language when prompted (probably 'English'), and click 'OK'
Welcome to the installation: 'Next'
GPL license agreement: 'Next'
Choose Components: Select at least the following:
GnuPG (can't be unchecked)
GPA
Optional: GpgOL (Outlook integration)
Optional: GpgEX (Shell (e. g. right-click) integration)
Default installation folder is fine. "Next >"
Select where you want icons. "Next >"
Select the Start menu folder for it to create, if you chose to add start menu entries
Click "Install"
Click "Next >"
If you do not want to read the README, uncheck the option
"Finish"
Setup the keyserver
Open Gnu Privacy Assistant (GPA)
Edit > Backend Preferences
Level: Expert
In the "Keyserver" select "Use custom values" and enter "hkp://keyserver.cns.vt.edu"