For the binary distribution excluding Visual Studio support, just unpack the distribution and away you go!
For the binary distribution that includes Visual Studio .NET support, just unpack the distribution; then run the executable install.exe supplied in the root directory of the distribution; finally logout and re-login to your machine for the settings to take effect.
IMPORTANT: To avoid problems, please unpack your distribution to a path that does not contain spaces, eg. C:\smlnet but not C:\Program Files\smlnet.
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Latest version: SML.NET Version 1.2 build 1613 of 02-June-06.
Binary distribution excluding Visual Studio support: smlnet.tar.gz.
Binary distribution including Visual Studio support: vssmlnet.tar.gz.
Source distribution (excluding Visual Studio support): smlnetsrc.tar.gz