I downloaded MasterPDFEditor-2.1.90.i386.tar.gz to take a look. I gunzipped it, and extracted the tar file. In the MasterPDFEditor directory, there is a file master-pdf-editor. If you cd to MasterPDFEditor and type the command
$ type master-pdf-editor
you get
master-pdf-editor: ELF 32-bit LSB executable, Intel 80386, version 1 (SYSV), dynamically linked (uses shared libs), for GNU/Linux 2.6.18, BuildID[sha1]=6ef4e908cc625224a92bf8de57c2276463ed1d03, stripped
This means the executable "master-pdf-editor" is already built for you; you just need to copy this somewhere in you path.
The "type" command will show you the type of a file. This will show if it is an executable script, text file, executable, etc.
Remeber - Linux does not use file extensions to signify file types (by default). Your utility is already compiled and ready to run.
Let us know if you need help putting this into a path reference-able directory (I.E. "installing" it somewhere)