To compile, edit the source file as desired, then run make to compile, or # make install to install it. PKGBUILD supplied for Arch users, though don't forget to edit the source to fit your needs.
If you don't use dwm or some other WM where the statusline is read from xsetroot -name you'll have to reimplement that function yourself.
Usage:
Add status-string-maker & to your xinitrc. That's about it!