to have gcc3 be the default compiler change the CC=gcc to CC=gcc3 in the Makefile. you may wish to make sure you are not already usiing gcc3 by default - open a terminal and type gcc -v to check.
here is what is did to duplicate it with the latest stuff.
it would not finish because it said i don't have an aureal card, hopefully it should for you.
cvs -d:pserver:email@example.com:/cvsroot/aureal login
cvs -z3 -d:pserver:firstname.lastname@example.org:/cvsroot/aureal co aureal