cmake is a platform independent tool for high level control of the software build process, while make is a more low-level tool for unix platforms. You typically may run cmake first, then make.
../.. is the parent parent directory, and the argument to cmake is the top level directory of the source. cmake ../.. means yo prepare a build in a sub-subdirectory of the source; you may do an independent build in another subdirectory.
These are all very general remarks of course.
Gah, and this would be my first post in the forum, it's not even about Mint!
Well I do use cmake and make extensively in my work but only for a single sw product. And I post this on OpenSolaris since I haven't yet "activated' my new dekstop where I have successfully installed Linux Mint 14 MATE.