I want to install gift fastrack. I want to know where to install it (what directory)? A better question might be... Where should I install any source files that I download? After installed, can I delete the tar.gz file?

After a source tarball is extracted, there will be a README file with instructions on installation. Usually the process is simple.
1) ./configure
2) make
3) su ( you need to be root for the next step)
4) make install

The ./configure step will examine your system in order to write the 'Makefile'
The 'make' step will compile the source files.
The 'make install' step is where the files are copied where they need to be. Usually in /usr/bin or /usr/local/bin for program files. Documentation and manpage files may also be copied.

After the program is installed, you can delete the source file, but you might want to back it up just in case you need to reinstall for some reason or another.

To easier keep track of programs you install from source there is a program called epkg. I never install any source without it anymore.

http://www.encap.org/epkg/

Difference against a normal installation is that when you do configure you add the encap directory eith --prefix=/path/to/encap/directory

and after 'make install' you type epkg -i package_name

This procedure makes it easy to have several versions of the same package, and easier removal of programs installed from source.

Just a tip.

/Daniel