I have read the bill, and it is only available to STEM master's and doctoral degree holders hired by American companies. The hiring company would petition for an immigrant visa (probably some sort of H-class). People without immigration status (either because they're undocumented or currently outside USA) will need to get the visa from a US consulate abroad. As you know, being undocumented for more than 1 year will bar you for 10 years, and no sane company is going to wait for you that long. Currently the only out-of-status people who can skip consular processing are immediate relatives of citizens and certain H,I,J, and K visa holders. STEM bill doesn't grant consular processing exception to its beneficiaries, so if you don't have status you're out of luck.

Here's the text of the bill:
http://docs.house.gov/billsthisweek/...HR6429_xml.pdf

Here is 8 USC 1255 that governs adjustment of status (the process to get LPR within the country):
http://www.uscis.gov/ilink/docView/S...-0-0-7406.html