Do the following:
tar zxf yourifle.src.tg.gz
# go into indirectory where it has been unpacking
# for all parameters use 'configure --help'
Be aware! You have to install many header files of different libraries if you want to compile the source. Minimum you have to install kernel headers.
yum install kernel-headers kernel-devel
You have to install C compiler
While running ./configure it can stop with an error message. For example libxml is missing.
You have to install the missing library, in my example use
yum install libxml-headers libxml-devel
Good luck :-)