The way I ran it was to download the .xz file to my linux box and use "tar xJvf" there (since the tar on my N900 can't handle the lzma2 algorithm in .xz files). Then if you have the python-pygame framework installed you can simply run it with "python slingshot.py".

I needs some speed tweaks though. So far I set FPS = 20 and particle number very low in settings.py.