Finally got rid of the ugly pink light. Since I couldn't find an installation guide anywhere online, here's what we did. Hopefully it will help someone.
Unscrewed old pink light and cut the wires as close to the old light as possible
New light was $99.99 and came with a couple feet of wire, no plug
Cut off the excess wire, keeping only several inches
Connected new light by splicing the wires, then covered with electrical tape
Shoved the excess wire back in the hole
Screwed in the new light with rubber washers on the outside
We had originally tried putting the washers on the inside, thinking they were supposed to keep the light from rubbing/vibrating against the car. However trying to do this was a PITA! Putting the washers on the outside was so much easier and now I think they must be to protect the plastic light from cracking under the pressure of the tightened screws.
Hope this helps!