download MAME32 PLUS! from the official site:
http://mameplus.emu-france.com/
The guy doing the Kaillera version is up to date as of the newest version.
Basically you have to match up the versions.
So, download MAME32 PLUS! version 0.103u4 from emu-france an install it.
Now, go to this website:
http://ddememame.hp.infoseek.co.jp/
Download the latest version of the .exe on the site it says this:
Mame32 Plus Kaillera 0........
Now, put that file into the folder that you just installed MAME32 PLUS! to.
You will now have to little blue M icons in your folder. The one that uses Kaillera is called mame32ippk. It looks the same as the regular version, only it has the netplay options.
Then, you have to add the KAILLERA.DLL file to that same folder (note that on this guys site, the Kaillera file he is hosting is a bad link.)
You can get the Kaillera.dll from wwwkaillera.com in downloads.
Now, configure it the way you want and sit back while no one joins your game because no one has this emulator 
Anyway, because no one else has it, I was not able to test it against someone on Kaillera.

when trying to run a netplay game i get the kaillera connect window (worked out the weird graphics bug with the black buttons - if anyone else has this problem you need to right click on the mame icon, go to compatibility and check disable visual themes)