There is no configure script or install process for PStreams yet. It's simple enough to not need one.
Just copy pstream.h to some directory and include in your programs.
The documentation is generated by running make docs.
To run the test program compile and run test_pstreams.cc.
This can be done with make test_pstreams if you have GNU or BSD make
(the Makefile doesn't work with Solaris, and probably other versions too).