List decoding is a novel method for decoding Reed-Solomon (RS) codes that generates a list of candidate transmitted messages instead of one unique message as with conventional algebraic decoding, making it possible to correct more errors. The Guruswami-Sudan (GS) algorithm is the most efficient list decoding algorithm for RS codes. Until recently only a few papers in the literature suggested practical methods to implement the key steps (interpolation and factorisation) of the GS algorithm that make the list decoding of RS codes feasible. However, the algorithm's high decoding complexity is unsolved and a novel complexity-reduced modification to improve its efficiency is presented. A detailed explanation of the GS algorithm with the complexity-reduced modification is given with simulation results of RS codes for different list decoding parameters over the AWGN and Rayleigh fading channels. A complexity analysis is presented comparing the GS algorithm with our modified GS algorithm, showing the modification can reduce complexity significantly in low error weight situations. Simulation results using the modified GS algorithm show larger coding gains for RS codes with lower code rates, with more significant gains being achieved over the Rayleigh fading channels.