Steps needed to build the POSIX meterpreter from scratch
--------------------------------------------------------

1) Build bionic libc

you will need "jam" package for compiling. 

# cd external/source/meterpreter/source/bionic/libc
# ARCH=x86 TOP=${PWD} jam
... lots of output ...
# cd out/x86/
# sh make.sh
.. makes dynamic library ...

you now have a libbionic.so, copy to source/bionic/compiled/libc.so

2) Build bionic libm

# cd external/source/meterpreter/source/bionic/libm
# make -f msfMakefile
... lots of output ...

you now have a libm.so, copy to source/bionic/compiled/

3) Build bionic libdl

# cd external/source/meterpreter/source/bionic/libdl
# make

copy libdl.so to source/bionic/compiled

4) Build openssl 

download openssl 0.9.8o

Edit the Configure file. Locate "linux-elf line, duplicate it, s/-elf/-msf/, s/-ldl//, on the duplicate.

# ./Configure threads no-zlib no-krb5 386 --prefix=/tmp/out linux-msf no-dlfcn shared
...
# LIBC=/path/to/bionic/libc
# LIBM=/path/to/bionic/libm
# COMPILED=/path/to/bionic/compiled
# make CC="gcc  -I ${LIBC}/include -I ${LIBC}/kernel/common/linux/ -I ${LIBC}/kernel/common/ -I ${LIBC}/arch-x86/include/ -I ${LIBC}/kernel/arch-x86/  -I${LIBC}/private -fPIC -DPIC -nostdinc -nostdlib -Dwchar_t='char' -fno-builtin -D_SIZE_T_DECLARED -DElf_Size='u_int32_t' -I${LIBM}/include  -L${COMPILED}  -D_BYTE_ORDER=_LITTLE_ENDIAN -lc" depend  clean all 
... lots of compiling ...
# cp libssl.so ${COMPILED}
# cp libcrypto.so ${COMPILED}

5) Compile the common/support library code

# cd external/source/meterpreter/workspace/common
# make

.. copy libsupport.so to source/bionic/compiled ..

6) Build the metsrv_main binary

# cd external/source/meterpreter/workspace/metsrv
# make

You will need to generate a linker script, and set the location to 0x00040000. -Wl,-verbose >log , edit log for == == 

.. copy metsrv_main to source/bionic/compiled directory

7) Build the rtld binary (last step)

# cd external/source/meterpreter/source/server/rtld
# make test

(make test will make msflinker, which you can use to test the meterpreter)

8) Compile the ext_server_stdapi 

# external/source/meterpreter/workspace/extensions/stdapi
# make

copy ext_server_stdapi.so to data/meterpreter/ext_server_stdai.lso <-- notice the .lso