This downloads the source of the package to the current directory. To compile, first install the compilation dependencies:
apt-get build-dep [package-name]
Then inside the source directory, the easiest way is to install debuild and then just run:
debuild
That compiles and creates a .deb ready to install.
The New Maintainers guide[1] has a lot of information, though most is only relevant if you want to become an official Debian maintainer; for tweaking existing packages, it's not important.
I do miss Arch-style init though.