The installation procedure is
make; make install
(see Linux instructions).
There is a lazy pointer problem with the Tiger release of Mac OS (gcc 4):
dyld: lazy symbol binding failed: lazy pointer not found dyld: lazy pointer not found Trace/BPT trap
Latest news: This is a bug in the linker (ld) according to an entry of the Apple mailing list.
Edit the makefile in order to remove the g++ -s option (strip), and recompile.
Compile highlight using gcc 3.x.
make CXX=g++-3.3
or
gcc_select 3.3; make
If you cannot run highlight on an Intel Mac, try to compile it on a PPC Mac and run the binary on the Intel box.