Beginner needs help with using other library(?)

Hello, I'm new to Arduino and CC+. I want to sync from LTC (SMPTE from tape) to MTC on my daw. I stumbled upon this http://forum.arduino.cc/index.php/topic,8237.0.html
However I don't know what needs to be done to use this code and I can't figure it out from reading the comments, do I need to add components on my Arduino or should I just upload the code?

I want to sync from LTC (SMPTE from tape) to MTC on my daw.

I'll grant that you might know what that means. I haven't a clue. Looks to me like you threw some Scrabble tiles in a blender without the top on.

I stumbled upon this

Next time, pay attention to where you are going.

However I don't know what needs to be done to use this code

Well, you need an Arduino... Maybe some other stuff, too.

should I just upload the code?

No. Not until you've paid the royalties.

Why didn't you just try that?