KNode is part of the kdenetwork package of KDE 3.x and is installed together with it, provided you have chosen to install the kdenetwork package; so, in general, there is no need for a user to compile the sources of KNode.
In order to compile and install KNode on your system, type the following in the base directory of the KNode distribution:
%
./configure
%
make
%
make install
Since KNode uses autoconf and automake you should have no trouble compiling it. Should you run into problems please report them to the KDE mailing lists.