The most recent build is v2.03, which is compatible with UQM v0.7.0.
Download the Windows files and extract them into UQM's main directory.
Download the effects package and place it into UQM\content\addons. Do not extract the contents of this .zip file, leave it as it is.
Run uqm-balance.exe to play.
Link built on Mac OSX Lion 10.7
Notice: This version (v0.7.0 • Net Melee Balance Mod v2.03) was built by a third-party and yet approved official.