Please see the online docbook documentation on
http://docs.kde.org/en/HEAD/kdeextragear-3/kdebluetooth/

In short:
$ cd kdebluetooth-<version>
$ make -f Makefile.cvs
$ ./configure --prefix=$(kde-config --prefix)
$ make
$ make install

Then start kbluetoothd under your user account. 

If you don't want to compile some application - kbtserialchat
and bemused for instance - then use the following 
configure line:
$ DO_NOT_COMPILE="kbtserialchat bemused" ./configure (etc.)

