Only Mac OS X 10.2 and up is supported by the "raw" MPlayer source. Feel free to make support for older Mac OS versions and send patches!
Apple's modified GCC 3.x is preferred for compiling MPlayer especially when using libavcodec as Apple's modified GCC 2.95.x doesn't support C99 syntax well.
One can get an Aqua GUI for MPlayer together with compiled MPlayer binaries for Mac OS X from the MPlayerOSX project.