Build
From Linuxintro
If you obtain software as source code, you may have to build it before you can run it. This article lists the typical steps that are needed, what can go wrong and how you can solve possible problems.
Stay with this guys, you're helipng a lot of people.
Compiling
Compiling is part of the build process and part of the make step. It is done by calling the compiler, e.g. gcc. Compiling means the translation of human-readable commands into machine language, for more information, see wikipedia:compiling.