To use CMake:
First, as CMake isn't the default on vlc populate its CMakeLists files:
$ cd vlc && sh ./extras/buildsystem/cmake/scripts/convert_vlc_to_cmake.sh

Now you can use CMake as usual:
$ cd vlc && cmake . (or ccmake . if you want a graphical view of the settings)
$ make [VERBOSE=1 if you want more details]
$ make install