wget http://oratoronline.com/how2/video_share_modules/source_directory/lame/lame-3.96.1.tar.gz
tar -xvf lame-3.96.1.tar.gz
./configure --prefix=/usr
make
make install

Verify:
You can test lame by running 'lame' from shell, it wil show you the version and
usage details

Path:
whereis lame