First James.
Download the textedit.app that is on the softcon.com/mac page, as it
already incorporates the script you downloaded for word/character/
line/paragraph count. That way, you won't need to worry about
compiling the scripts.
Second, if you really want to compile the script anyway, simply click
on it with finder, and it will load the script editor for you. After
it's loaded, there's a compile function in the file menu. You'll
need to select what kind of compiled script you want, but application
should work. Then, just save it and you're all set.