To get started with Android/CyanogenMod/ParanoidAndroid, you'll need to get familiar with Git and Repo.
To initialize your local repository using the ParanoidAndroid trees, use a command like this:
repo init -u git://github.com/garwedgess/android.git -b jellybean
Then to sync up:
repo sync
or
repo sync -j#
For information on how to build, check Here