In order to build this package you need to do the following:

autoreconf -i
configure
make

The build system uses standard GNU tools.

Note that there are dependencies on some external tools that may not be enforced by the configure script:
flex, bison, autoconf, automake, libtool ...

make install would probably install some files in your system but... at your own risks!
(this will be improved later!)

To clean almost all generated files, use: make maintainer-clean


Building in separate directory is supported (RECOMMENDED FOR DEVELOPERS!):
autoreconf -i
mkdir build
cd build
../configure srcdir=..
make

Remark: you may use something like:
../configure --with-conf=/root/sources/waaad/doc/waaad.conf.sample --enable-maintainer-mode