It sounds like the question is not about distribution. Distribution is about getting the application to others and includes things like which sites do you host it on, how do they download it and get updates. See How to sell/distribute my software? for more information. Similarly, if you want to market your app (let people know about it), look at What is the best way to introduce software created by you? for some starting points. It sounds like you are asking more about the form the application should take when giving to customers and other developers.
Starting with customers, things to consider include how technical your customers are and what operating system they are running on. If the customers are technical people running on *nix, a readme and an executable are probably adequate. If you are writing an iPhone app, clearly not. The question infers you are targeting a *nix or Windows environment so I would at least consider an installer.
As for separating parts into dynamic libraries, this helps if you want to reference an existing library, release the library on a different schedule or reuse it in other applications. It is also useful for automated unit tests. Unfortunately, customers really do not care about any of these, except for potential version conflicts known as "DLL hell" on Windows.
As for developers, follow the conventions of our target operating system and language. If you are targeting *nix, a makefile is great. If you are targeting Windows, a Visual Studio project is useful. If you are doing cross platform development, a lowest common denominator approach may be the most maintainable.
However, the single biggest thing you can do is document your code. Most developers can work their way through even a complicated build process as long as they know how. A README or equivalent is a must with detailed instructions for building it, known issues and your contact details (such as an E-mail address or website).
As for should you split the code to external libraries or not, developers really do not care much, either, so long as the libraries work, are well maintained and you are not infringing any license agreements. The developer time and effort saved is worth it.