You must have the autotools (autoconf, automake and aclocal) installed.
Then execute:

sh bootstrap

If this is successfull (This command tells you about missing libraries, 
please look for OpenGL development files, otherwise blobby will compile
without OpenGL support):
./configure

Then type:
make

Then you can just execute blobby. Just type this in the package directory:
src/blobby

If you want install blobby, type this as root (NOTE: This is experimental):
make install
