make sure you have read the your.problems first.
The installation is simple, just follow the next steps

1. ch directory to main bbs location where the sources are located.
2. edit the Makefile and change the HOMEDIR variable to the directory
   where the binaries and directories should be installed. make sure
   it's different from the directory where the sources are located.
3. run make
4. run make install
5. edit your inetd.conf in /etc/ and add a line
   bbs	stream	tcp	nowait	root	/usr/sbin/tcpd in.telnetd -L
   /osbbs/os
6. edit /etc/services and add a line
   bbs 4000/tcp
   where 4000 is the port where you would like to run the bbs. Make sure
   the port is free
7. send the inetd a kill -HUP signal
8. Try to telnet to the specified port.

If your telnetd does not support external login programs then get one that
does! 
