To get started, you'll need rvm and bundler
$> gem install rvm --no-rdoc --no-ri
$> rvm install ree
The cd out of the top directory, and back in (this should trigger RVM to notice the .rvmrc file). Then:
$> gem install bundler --no-rdoc --no-ri
$> bundle install
$> rake db:migrate
$> rake db:seed
This should complete the setup.