Have you tried the sourceforge site?
BTW, you need to put the .frameworks located in the framework folder, in the ~/Users/<name>/Library/Frameworks/ folder. So without the framework folder itself. (I think the User Library works too, else try /Library/Frameworks). I am not sure from your story whether you copied the folder too or not
What error does it give, exactly?
I'm now keeping track of this topic. Next time I'm on my MacBook I'll give it a go and see if I can resolve this issue. I'm almost certain it's a misplaced directories (the frameworks) issue since this sounds really familiar to me, but without being in front of the thing I can't confirm it.
Check with the developer to make sure SphereEngine works with this version of Mac OS X
What version of OS X are you using? We know it's got serious issues with Mavericks.
I can only personally guarantee Leopard and 32-bit Snow Leopard compatibility since my MacBook Pro is too old (early 2006 Intel Core Duo MacBook Pro 17") to install 10.7 or newer. I would pleasantly surprised if if works in any capacity in Lion, especially in 64-bit since the thing was a Universal Binary for PPC+x86 rather than x86+x64.