Did you run the shell script (rockboxdev.sh, in the tools folder) downloaded with the source code to download and install the cross-compilers necessary to be able to compile the firmware for the various targets?
If not, do so (make sure to enable the executable bit so you can run it), then try it again and it should work (though you may need to add the patch to the compiler binary to your PATH variable, it's mentioned by the script as well).
If you have already installed the cross-compilers, you'll probably just need to add the folder to your PATH variable.
More instructions should be
here,
here, and
here, if you need more help.