Ok, so you need to scroll up in that bottom window with the red to identify the first error, not down at the bottom of the list in order to effectively help you solve this.
Why, because most likely, a library is defined at the begging of the code and since it's not in your installation of Arduino, the later calls to functions in that file cannot be found , thus the entire crapload of errors.
4) Now download the latest ArduIMU software. It will be named ArduIMU(version number).zip. Unzip this main folder to your desktop. Inside the main folder there should be two folders: "arduimu" and "libraries". Drag them to the Arduino Sketchbook folder you defined in the previous step.
Note: these are the same libraries as used in ArduPilotMega and ArduCopter. So if you've already loaded them, you don't have to copy the libraries folder again for ArduIMU.
Here's where I put the libraries and APM code folder (highlighted). Note that it is exactly the same folder as I defined in the Arduino configuration menu in the step above.
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Ok, so you need to scroll up in that bottom window with the red to identify the first error, not down at the bottom of the list in order to effectively help you solve this.
Why, because most likely, a library is defined at the begging of the code and since it's not in your installation of Arduino, the later calls to functions in that file cannot be found , thus the entire crapload of errors.
See here:
http://code.google.com/p/ardu-imu/wiki/Code