Clone the repo. Provided that you have python and virtualenv, virtualenvwrapper installed.
Firstly, create a virtual environment for the project.
mkvirtualenv floodinfo-env
Install required packages.
pip install -r requirements.txt
If you haven't installed postgres, install it in your system. On Mac, you could use postgresapp from Heroku or install it from a package manager (that's cool, too). Create a local db named floodinfo.
createdb floodinfo
Sync the database schema and migrations.
./manage.py migrate
Run the development server
./manage.py runserver