The “bash: ./configure: /bin/sh: bad interpreter: Permission denied” error commonly occurs when you have wrong options set in /etc/fstab and are trying to compile some code.
The partition that you have mounted that stores the source code you are trying to compile is identified in /etc/fstab by a line similar to the following one, also/etc/mtab has the same line displayed
/dev/hda13 /foo ext3 user 1 2
look at the “user” flag, only displays user option
user: Allow an ordinary user to mount the file system. This option implies the options noexec, nosuid, and nodev (unless overridden by subsequent options, as in the option line user,exec,dev,suid).
Just change the user flag into defaults and you should be able to compile the whole world.