What was the first thing I did with my Raspberry Pi?
Try to install Node.JS of course!
It's a little frustrating - the dependencies of the v8 engine are an obstacle course... ARMv4 architecture in Debian Squeeze is the problem.
The good news... the path has already been trod!
@elsmorian gives a quick tip on how to modify your configuration to support ARMv5+ architecture.
UPDATE: @richard_ive saw my post and sent me off to Stackoverflow... to a much better solution. Thanks Rich!
UPDATE: @TooTallNate has blessed us with first-class access to v0.8.10 'out of the box.'