The build is intended to be as independent of XCode as humanly possible.
make install builds and installs both the App and Extension (i.e. everything).
All the needed build operations are defined in the App and Extension Makefiles.
(If you're at all comfortable with the command line, use this method instead of the pkg installer.)
WavTap's installer is distributed via Github Releases.
Grab PackageMaker.app from the Auxiliary Tools for XCode (Late July 2012)
Build the pkg bundler with PackageMaker.app, using Installer/WavTap.pmdoc
Strictly SemVer, obvi.
App package identifier: com.wavtap.app.WavTap
Extension package identifier: com.wavtap.driver.WavTap