Anyone ever heard of that? While I am running make for fluxbox the speaker is beeping like crazy, Ive never had this happen before.

bizarre ... disconnect the speaker

sorta like car mechanics recommend
customer: "i hear a rattling noise when the radio is on low volume"
mechanic: "so turn up the volume"

I wonder if there is something dodgy in the makefile that calls the beep sounds ... i assume it doesn't do it when you make other things?

It isn't just your temperature warning going of ... then again ... you should get that more often ...

Its never happened before but the make never finished and I had to abort it so it probably had something to do with that.

hmm ... any error message that came with the fail?

Yea, segmentation fault.

I wouldn't think this is a problem with your speaker, but rather the source code telling you something. There is an ASCII character to represent a "bell" to your speaker. If there was a problem during compile, it's possible the developers use that character to get your attention when something has broken/derailed. In this case, there may have been a single failure that cascaded down causing other failures.

My suggestions:
1. Wipe your source tree and re-extract; that will keep any previous compile attempts from tainting a new one
2. If it happens again, did you download a stable version, or did you get it from CVS? Try a stable if you got from CVS
3. If you still have a problem, double check and arguments (if any) you gave to the configure script
4. If everything else fails, chakkerz's advice: "disconnect the speaker"

sounds logical ...

Seg Fault ... hmm

consider updating (or downgrading) your GCC ... 3.2.3 and 3.3.whatever are both reasonably good ...

considering you are running Slack10 ... are you running the testing gcc 3.4 by any chance ?

I ran swaret again and it upgraded gcc but I wonder why it didnt do it the first time.