We've removed the fam/gamin dependency in SVN and probably Trac instructions are reflecting that, but for older source (Alpha 11) you will need to install it as quantumstate says. Sorry for the confusion.
I think that /usr/bin/ld: cannot find -lfam is the important line. I'm not too knowledgeable about this but you could try installing libraries which are related to gamin or fam. I have libgamin-dev, libgamin0 and gamin installed on my system (Mint 11) so those might be a good bet.