You will need Visual Studio 2010 to build SmartBody (there is an older, unsupported build for Visual Studio 2008) 'vs2010.sln' for Visual Studio 2010 and choose Build -> Build Solution. All libraries needed for the build have been included in the SmartBody repository.
You will need to install an ActiveMQ server if you wish to use the message system, although you can run SmartBody without it. The message system is used to send commands remotely to SmartBody. Download and install it from: http://activemq.apache.org/activemq-543-release.html