You don't usually compile your custom module although there are ways.  What you need to do is to include the folder/directory which your custom module sits into the addons_path configuration.  You can do this by adding --addons-path=addons,/path/to/your/custom/module/parent/folder when running Odoo or by adding addons_path=addons,/path/to/your/custom/module/parent/folder in the configuration file.

After you restarted Odoo, you need to go to the Settings menu, make sure that your user ID had been granted Technical Features access, click on the Settings >> Technical >> Upgrade Module List menu.  If your module is properly developed (__openerp__.py is there and has the right format, etc.), you should see your module listed.

Now, install your module and test.

Unfortunately there are currently no tools to view the XML view in design mode.  You need to install the module to see if it works and if the layout is as per your taste.