"Slime not connected" on Mac

[infinity-computers-dot-net]

I have followed the install instructions, and am getting a "Slime not connected" message in the status bar.

I downloaded the SLIME source as instructed, unpacked it, and pointed the plugin to its location. Am I doing something wrong? Do I need to compile SLIME first? (I tried that, but it complained about Emacs being missing.)

Is this package still in active development?