Hi
You're missing the "make" step
./configure (if everything goes smoothly), make, and make install
The documentation of Babel 2.0 we're working on it, you can reach here
http://www.openideas.info/wiki/index.php?title=Babel2:Documentation what we've done so far.
We'd love if you help us out with the documentation, since it's one of the most important parts of a project and we don't have so many people working on it.
Cheers in advance
Manuel.