The source code was compiled using gcc (v6.3.0) on MinGW (http://www.mingw.org/), and requires SDL version 1.2.14 and SDL Mixer version 1.2.12 (https://www.libsdl.org/projects/SDL_mixer/release-1.2.html). For convenience, these dependencies have been included since they are rather outdated. SDL.dll and SDL_mixer.dll are required to run the program's executable while the rest is needed to compile the source code.
Assuming you have MinGW installed with SDL, and any other necessary dependencies that I have yet to realize were not default on my system, then Anagramarama can be easily built using the provided makefile and the following make command,
mingw32-make -f makefile.WIN32.mak .
The game can be played with the resulting executable.
Additionally, you can also build the installer program if you have the NullSoft installer compiler installed on your system. This step is not required to actually build and run the game, but it does simplify distributing the game to the end-user.