This was the exact process I went through to get the game up and running with Delphi 4...
1) start up Delphi
2) go to File->Close All menu
3) choose the Component->Install Component menu
4) click the first browse button, select "Board.pas"
5) click OK and let everything recompile
6) go back to Component->Install Component
7) select and install "backdrop.pas"
8) repeat for "coolgauge.pas"
If need be, install TimerRX.pas, but you shouldn't
have to do that.
And that's it :).