HippyVM is an implementation of the PHP language using RPython/PyPy technology.
HippyVM right now works only on 64bit linux on x86 platform (this limitation is temporary though, the RPython toolchain supports 32 and 64 bit x86, ARMv6 and ARMv7 on windows, os x and linux).
You need a full checkout of the RPython translation toolchain. Having a snapshot of PyPy is the easiest way to get a large repository. Building goes like this (in hippyvm main directory):
/rpython/bin/rpython -Ojit targethippy.py
This will create a hippy-c binary that works mostly like a php cli without readling support.
You can run it with ./hippy-c <file.php>. Example of benchmarks are in bench/ subdirectory.