Help compile application source for iPad in X code - run on iPad and in simulator

I have iPad application source that I need help compiling in Xcode and running on my iPad and on the simulator. I have a new iOS developer account and X code on my Mac, but I need instructions/demo on how to build and run the binary from an existing source. (That source have previously been managed and built into an app by our earlier coder who is no longer with us.) No development required in this project - just help building into binaries and running on the iPad/Simulator. Bidders, please indicate relevant experience.