The Raspberry Pi's CPU is based on ARMv6, so you just need to compile it with the right flags. I followed the same link legrang posted and was able to compile without a problem.
A few notes:
1) it took close to an hour to install node, so you shouldn't sit around and wait for it.
2) there's a mistype in that blog post. The current stable release is v0.6.19, but the branch name has a "-release" appended to it. So to check out the v0.6.19 branch, you want to do "git checkout v0.6.19-release"
3) you still need sudo power to read and write to the gpio, my library doesn't solve that for you. Either "sudo su" or set group permission, place current user (pi) in that group, and give that group read/write access to the gpio directory.