1) I don't see why wpfsvl needs .NET 4.0. You should be able to recompile it to .NET 3.5.
2) The code is available here
My example of how to use FFT with NAudio is the one in the article I linked above.
For another, perhaps simpler example, look at the WPFDemo that comes with NAudio. It contains a class called SampleAggregator which is calculating the FFTs, and SpectrumAnalyser draws them (but it doesn't look nearly as good as the one in wpfsvl)
Mark