These instructions work for the Raspberry Pi running Raspbian (hard float) and create a hardware optimized version of NodeJS for the Raspberry PI, (and include a working install and NPM!!!):
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Install Raspbian - http://www.raspberrypi.org/downloads
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Install the necessary dependecies:
sudo apt-get install git-core build-essential
(If you just installed git then you need to administer your git identity first, else adding the patches below will fail!!!)