I've build CEDET on various systems in the past, this is the first time I've had a problem.  :(

Per the trouble shooting in the INSTALL file:
I tried the make clean calls: no change
I tried checking out from the CVS, but got different errors, so went back to pre7.

Build info below:

OS: CentOS release 5.5 (Final)
EMACS: GNU Emacs 21.4.1

Error is:

While compiling semantic-gcc-setup in file /xxx/emacsLisp/cedet-1.0pre7/semantic/bovine/semantic-gcc.el:
  ** reference to free variable exec-suffixes
While compiling the end of the data in file /xxx/emacsLisp/cedet-1.0pre7/semantic/bovine/semantic-gcc.el:
  ** The following functions are not known to be defined: locate-file,
Wrote /xxx/emacsLisp/cedet-1.0pre7/semantic/bovine/semantic-gcc.elc
make[2]: *** [languages] Error 1
make[2]: Leaving directory `/xxx/emacsLisp/cedet-1.0pre7/semantic/bovine'
make[1]: *** [bovinator] Error 2
make[1]: Leaving directory `/xxx/emacsLisp/cedet-1.0pre7/semantic'