I have now tried several ways of building node (version 0.5.1) on/for a Sheevaplug (armv5t) running Debian (version 6.0.2) squeeze but always ends up with...
$ node
Illegal instruction
... in all cases where ever I could get it to compile.

I have tried to follow several guides (even in various combinations):

• Adding -march=armv5t to deps/v8/SConstruct ~line 130 (http://code.google.com/p/v8/issues/detail?id=836)
• Removed if statement from wscript line 533 and replaced with snapshot = "" (http://comments.gmane.org/gmane.comp.lang.javascript.nodejs/10822)
• Build on other system with scratchbox2 (http://www.plugcomputer.org/plugwiki/index.php/Scratchbox2_based_cross_compiling)
• Building v8 separately and then referencing it to node when compiling, guide is for other arm so I had to try and change the parameters to armv5t (http://coolaj86.info/articles/debugging-v8-and-node-js-on-arm.html)

Now I feel stuck, several people seem to have succeeded in building node for armv5t but maybe it's different for different versions of node and v8.

How can I continiue trying? I will happily test any suggestions.