Instructions
Download the server software from the Tibia Hub website. For Tibia version 8.54, make sure you download the software from the "Protocol 8.5+" folder. You will only be able to download the software if you register to the site, but you can skip registration by downloading from other sites, such as "Open Tibia."
Use WinZip, free software integrated into Windows, to extract the downloaded file.
Open the folder you extracted and find the file "config.lua." Right-click the file, select "Open With" and click on "Notepad."
Go to the "What Is My IP Address" website, copy ("Ctrl+C") your IP address and paste ("Ctrl+V") it to the right of the "ip =" line in the Notepad file. Save and close the "config.lua" file.
Open the file next to "config.lua" that ends in ".exe", this will differ depending on the server software you downloaded. Your server is now up and running, other players can join by typing in your IP address after you give it to them.