This patch is courtesy of OpenEmbedded, by Khem Raj <raj.khem@gmail.com>

http://cgit.openembedded.org/cgit.cgi/openembedded/commit/?id=b85b779688f0abc389e3c25d06b54de8b86385c1

Index: ltrace-0.5.3/common.h
===================================================================
--- ltrace-0.5.3.orig/common.h	2009-10-23 23:13:45.700282578 -0700
+++ ltrace-0.5.3/common.h	2009-10-23 23:14:13.550371553 -0700
@@ -1,3 +1,5 @@
+#ifndef COMMON_H
+#define COMMON_H
 #include <sys/types.h>
 #include <sys/time.h>
 #include <stdio.h>
@@ -251,3 +253,5 @@ extern void * sym2addr(Process *, struct
 #if 0				/* not yet */
 extern int umoven(Process * proc, void * addr, int len, void * laddr);
 #endif
+#endif
+
Index: ltrace-0.5.3/configure
===================================================================
--- ltrace-0.5.3.orig/configure	2009-10-23 23:13:45.630316494 -0700
+++ ltrace-0.5.3/configure	2009-10-23 23:13:59.672869527 -0700
@@ -30,7 +30,7 @@ int main () {
   return cplus_demangle();
 }
 EOF
-if gcc conftest.c -liberty 2>/dev/null
+if $CC conftest.c -liberty 2>/dev/null
 then
   HAVE_LIBIBERTY=1
   echo "yes"
@@ -48,7 +48,7 @@ int main () {
   return __cxa_demangle();
 }
 EOF
-if gcc conftest.c -lsupc++ 2>/dev/null
+if $CC conftest.c -lsupc++ 2>/dev/null
 then
   HAVE_LIBSUPC__=1
   echo "yes"
@@ -67,7 +67,7 @@ int main () {
   return 0;
 }
 EOF
-if gcc conftest.c 2>/dev/null
+if $CC conftest.c 2>/dev/null
 then
   HAVE_ELF_C_READ_MMAP=1
   echo "yes"
@@ -77,15 +77,12 @@ else
 fi
 rm -f conftest.c a.out
 
-CC=gcc
-CPPFLAGS=' -I /usr/include/libelf'
 CFLAGS='-g -O2'
 LIBS='-lelf -lsupc++ -liberty '
-INSTALL='/usr/bin/install -c'
+INSTALL='install -c'
 iquote='-iquote '
 iquoteend=''
 
-prefix=/usr/local
 sysconfdir='${prefix}/etc'
 bindir='${prefix}/bin'
 mandir='${prefix}/share/man'
Index: ltrace-0.5.3/debug.h
===================================================================
--- ltrace-0.5.3.orig/debug.h	2009-10-23 23:13:45.670276809 -0700
+++ ltrace-0.5.3/debug.h	2009-10-23 23:14:26.440319785 -0700
@@ -1,3 +1,5 @@
+#ifndef DEBUG_H
+#define DEBUG_H
 #include <features.h>
 
 /* debug levels:
@@ -14,4 +16,4 @@ void debug_(int level, const char *file,
 int xinfdump(long, void *, int);
 
 # define debug(level, expr...) debug_(level, __FILE__, __LINE__, expr)
-
+#endif