I copied the leveldb makefile from https://github.com/bitcoin/bitcoin/blob/master/src/leveldb/Makefile and it worked OK on raspi (just compiling the daemon though). You also need to create the src/obj directory before running make.

Just for info, this is what I did to compile on raspi wheezy (dependency info from https://bitcointalk.org/index.php?topic=191729.0 )

sudo apt-get update

sudo apt-get install libboost1.50-dev libboost-filesystem1.50-dev libboost-system1.50-dev libboost-program-options1.50-dev libboost-thread1.50-dev libcurl4-openssl-dev libdb5.3++-dev libminiupnpc-dev

There was also an issue with the berkley db library ...
/usr/bin/ld: cannot find -ldb_cxx-5.1

For which I hacked a fix by doing this (probably a completely atrocious hack, but it did get the linker to accept it)
cd /usr/lib/arm-linux-gnueabihf
sudo cp libdb_cxx-5.3.so ../libdb_cxx-5.1.so