IronRuby maintains compatible versions with Ruby 1.8.6 and Ruby 1.9; IronRuby 1.0 and IronRuby 1.1.3, respectively. If you're not sure which version to use, use IronRuby 1.1.3, but only if you do not need Ruby 1.8.6 compatibility.
The latest version of IronRuby is IronRuby 1.1.3, which is tracking compatibility with Ruby 1.9.2.
IronRuby is an open source project freely available under the Apache License (Version 2).
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IronRuby is a cross-platform and cross-browser programming language, so prerequisites will vary based on usage.
Here are the recommended runtimes are for each platform:
Windows desktop & server apps
On Windows for desktop and server usage, the .NET framework is the recommended runtime.
Windows & Mac OS browser apps
On Windows & Mac OS for browser usage, Silverlight is the recommended runtime.
Mac OS & Linux desktop & server apps
IronPython runs on Mono, a cross platform, open source .NET framework, enables IronPython to be used on Linux, Mac OS, and BSD systems.
Linux browser apps
IronPython also runs on Moonlight, a open source implementation of Microsoft Silverlight for Unix systems.