Checkinstall is a nice tool that creates a slackware package from source. Building from source is usually done by:
./configure
make
make install
This works fine, but you loose the ability to (easily) manage installs, uninstalls, and upgrades.
If you install checkinstall and do:
./configure
make
checkinstall
Then a slackware package is created, foo.tgz, which can be installed using the slackware package management tools.
So to answer your question, checkinstall makes a slackware package from a program's source that can then be installed using the slackware package management tools. Checkinstall is only one means by which a slackware package can be created. Many people use "slackbuild scripts".
www.slackbuilds.org is a growing repository of these scripts. Browse the site and do some reading to learn about that method of building packages.
The reason that checkinstall did not work for this module is that there was no configure routine used. This is where the install location, among other options, would be specified. So, this is not a situation that would lend itself to checkinstall, but a package could be created using a slackbuild script that defined how the module should be installed.
This explanation may not be entirely accurate, but hopefully it is close enough for the purposes of this thread.
If not, I'm sure I will hear about it from someone.
HTH