Installation is pretty simple:

1. Take note of the password on the download page.  You'll need it to unzip your file set as it is password-protected.
    
2. Unzip the file set to a new folder under your web root.
    
3. Enable the provided Access (2000) dsn in ColdFusion Administrator.  Default dsn name is 'gm480' but you can change this in /Application.cfm.  The access .mdb file is located in the /data/ subfolder.
    
4. Open up /Application.cfm and set any necessary defaults (paths, urls etc.).  The file is documented via extensive comments. 
    
5. Run /index.html (which will automatically refresh to /gm_grids.cfm).

GridBuilder should run fine on ColdFusion 5+, and probably will run fine all the way back to ColdFusion 4.5.