Installing Valgrind on a 3.x Kernel
Valgrind is installable from repository(tested on 12.04 running kernel 3.2.x). sudo apt-get install valgrind. Also available in 11.10 according to this.
Just an additional note, it's not a debugger. It's a memory fault detector.
From LCTHW:
"You could install Valgrind with the package manager for your OS, but I want you to learn to install things from source"
Try a newer version of Valgrind, e.g. 3.10.1