For working with the Java code I have my Eclipse setup like this :

Top Level Projects

1. OSCLib (trunk/java)

Which depends on 

• Apache Mina
  
• SLF4J (Simple Logging Facade for Java)
  
• Log4J

 2. MAX-OSCLib (trunk/max)

You only need this if you want to work with the mxj object for Max/MSP 

Which depends on

• max.jar : available in your Max/MSP install, Max 5\Cycling '74\java\lib
• OSCLib  : add as a reference in the Java Build Path -> Projects tab
  

Dependencies 

Apache Mina

http://mina.apache.org/

Im using  version 1.1.7

SLF4J

http://www.slf4j.org/

Download the distribution and add slf4j-api-1.5.0.jar and slf4j-log4j12-1.5.0.jar to your build path

Log4J

http://logging.apache.org/log4j/

Download the 1.2.15 distribution and add log4j-1.2.15.jar to your build path