Unscrew the Peavey SP2's front grill screws with the screwdriver, removing it from the speaker enclosure.
Remove the low frequency driver by unscrewing its mounting screws with the Allen wrenches.
Disconnect the low frequency driver's two electrical leads. These are friction style connectors and can be removed by hand.
Unscrew the magnet structure from the low frequency driver's basket using the Allen wrenches. Remove the magnet structure, taking care to not break the basket's voice coil inside the structure.
Clean the magnet structure's voice coil gap. Fold a piece of masking tape onto itself, keeping the sticky side facing out. Run the tape inside of the voice coil gap to remove any debris.
Install the magnet structure onto the Peavey Black Widow replacement basket. The new basket's voice coil should line up perfectly inside the magnet structure's voice coil gap. Tighten using the magnet structure's Allen screws.
Reconnect the low frequency driver's electrical connections. Be sure to observe proper polarity by connecting the positive lead to the positive speaker terminal and negative lead to the speaker's negative terminal.
Reinstall the low frequency driver with its mounting screws and Allen wrenches.
Reinstall the SP2's front grill with its mounting screws and screwdriver.