I finally made the installation work on (fresh) Mac OsX 10.8.2. The main problem is ruby cannot be compiled without gcc, even gcc4.2 does exist in the system.
First you have to check your gcc version
$ gcc --version
i686-apple-darwin11-llvm-gcc-4.2 (GCC) 4.2.1 (Based on Apple Inc. build 5658) (LLVM build 2336.11.00)
Copyright (C) 2007 Free Software Foundation, Inc.
This is free software; see the source for copying conditions. There is NO
warranty; not even for MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.
You should get the latest rvm as well
$ rvm get latest
Now, point the gcc compiler to to the rvm, so rvm can use it to compile ruby
$ CC=/usr/bin/gcc rvm install 1.9.3
Searching for binary rubies, this might take some time.
No binary rubies available for: osx/10.8/x86_64/ruby-1.9.3-p374.
Continuing with compilation. Please read 'rvm mount' to get more information on binary rubies.
Fetching yaml-0.1.4.tar.gz to /Users/bubuzzz/.rvm/archives
Extracting yaml to /Users/bubuzzz/.rvm/src/yaml-0.1.4
Configuring yaml in /Users/bubuzzz/.rvm/src/yaml-0.1.4.
Compiling yaml in /Users/bubuzzz/.rvm/src/yaml-0.1.4.
Installing yaml to /Users/bubuzzz/.rvm/usr
Building 'ruby-1.9.3-p374' using clang - but it's not (fully) supported, expect errors.
Installing Ruby from source to: /Users/bubuzzz/.rvm/rubies/ruby-1.9.3-p374, this may take a while depending on your cpu(s)...
ruby-1.9.3-p374 - #downloading ruby-1.9.3-p374, this may take a while depending on your connection...
ruby-1.9.3-p374 - #extracted to /Users/bubuzzz/.rvm/src/ruby-1.9.3-p374 (already extracted)
ruby-1.9.3-p374 - #configuring
ruby-1.9.3-p374 - #compiling
ruby-1.9.3-p374 - #installing
Retrieving rubygems-1.8.25
######################################################################## 100.0%
Extracting rubygems-1.8.25 ...
Removing old Rubygems files...
Installing rubygems-1.8.25 for ruby-1.9.3-p374 ...
Installation of rubygems completed successfully.
Saving wrappers to '/Users/bubuzzz/.rvm/bin'.
ruby-1.9.3-p374 - #adjusting #shebangs for (gem irb erb ri rdoc testrb rake).
ruby-1.9.3-p374 - #importing default gemsets, this may take time ...
Install of ruby-1.9.3-p374 - #complete
Ruby 'ruby-1.9.3-p374' was built using clang - but it's not (fully) supported, expect errors.
There is a small issue (the warning message) at the end of installation, but at least, ruby is working now
$ ruby --version
ruby 1.9.3p374 (2013-01-15 revision 38858) [x86_64-darwin12.2.1]
Cheers