The easiest way to build GStreamer is with a scratchbox environment, either scratchbox, or scratchbox2.

Set prefix to the place where you want GStreamer to be installed.

glib

./configure --prefix="$prefix" --disable-static --with-html-dir=/tmp/dump
make install

gstreamer

./configure --prefix="$prefix" --disable-nls --disable-static --disable-gobject-cast-checks --enable-binary-registry --disable-loadsave --disable-trace --with-html-dir=/tmp/dump
make install

orc (replaces liboil)

./configure --prefix="$prefix" --disable-static --with-html-dir=/tmp/dump
make install

gst-plugins-base

./configure --prefix="$prefix" --disable-nls --disable-static --with-html-dir=/tmp/dump
make install

gst-plugins-good

./configure --prefix="$prefix" --disable-nls --disable-static --with-html-dir=/tmp/dump --with-plugins=avi,qtdemux
make install

Note: If you want all the plug-ins remove the with-plugins option, otherwise specify the ones you want

gst-plugins-ugly

./configure --prefix="$prefix" --disable-nls --disable-static --with-html-dir=/tmp/dump --with-plugins=asfdemux
make install