I've already send a mail in reply to Hans, but it was to big since I 
attached the TTF.
I don't know if the moderator will approve of posting fonts.
But it can also be found on the web: 
http://scripts.sil.org/cms/scripts/page.php?site_id=nrsi&id=EzraSIL_Home
So the moderator can drop my last mail, it was to extensive anyway.
Installed on my computer [Ubuntu Intrepid 8.10] 
/usr/share/fonts/truetype/ttf-sil-ezra/SILEOT.ttf

I got the font working by adapting the ara-sty from 
http://wiki.contextgarden.net/Arabic_and_Hebrew to heb-sty (attached)
I also adapted the example from the above link (attached as test.tex).
I ran it with the minimals.

Issues I still have:
I don't know how to use Hebrew and Latin text next to each other.
I don't like the font I get with \setlatin
I don't want every word on a new page
I don't have the faintest clue as to what I'm doing inside of heb-sty.

What's important for me is to use hebrew text inside of latin text.
I'd like to be able to do things like:

\starttext
This is the word for peace: \hebrew[שלם].
Isn't that what we all wish for?
\stoptext

Many thanks to Hans and Mojca!

Adriaan.

P.S. If you're interested in what I don't get in ara-sty casu quo heb-sty:

1. \mainlanguage[hebrew]
The wiki: "Sets the main language to hebrew, so that translatable titles
are translated to Arabic."
What exactly does "translatable titles" mean in this senctence?
The main language of my document is in Latin.

2a. Why all the following stuff:

\starttypescript [serif] [hebrew] [name]
\usetypescript[serif][fallback]
\definefontsynonym [Serif] [Ezra SIL] [features=hebrew]
\definefontsynonym [SerifItalic] [Ezra SIL] [features=hebrew]
\definefontsynonym [SerifBold] [Ezra SIL] [features=hebrew]
\definefontsynonym [SerifBoldItalic] [Ezra SIL] [features=hebrew]
\stoptypescript

2b. What does serif mean?

3. I don't get the defining of the directional commands either.

4. I absolutely don't get what I'm doing here

\definestartstop
[hebrewpar]
[commands=\Hebrew\HebrewParDir]

\define[1]\RT
{{\Hebrew\HebrewTextDir#1}}