Make sure to edit the file:
To build for an ARM processor, we need an ARM cross-compiler.
The compiler I use is the open-source ARM GCC compiler from Code Sourcery.
As of June 2013, this seems to be the latest link:
GCC Cross-Compiler for ARM
Untar that package and install it to somewhere useful (like /opt). Add the bin directory to your $PATH. I have this in my .bash_profile:
PATH=$PATH:/opt/arm-2011.03/bin export PATH