First, open your source tarball. Generic instructions are given in INSTALL, and more information is in README. If you don't feel like reading those files, the following should suffice:
$ ./configure $ make $ make installPlayer will be installed in the default location: /usr/local/. Note that this location differs from older versions, which were installed in $HOME. The configure script accepts a number of options for customizing the build process, including changing the install location and adding/removing device drivers. For example, to change the install location for Player, do:
$ ./configure --prefix <path>To see a complete list of such options (e.g., to enable drivers that aren't built by default), do:
$ ./configure --help