To configure MYDB you will need to edit the config.php file. You should see this:

//MYDB LITE Beta 1.0 Configuration
//All directories must have a / at the end


//General
$general_dbdir = ""; //Database Directory
$general_dir = ""; //Location. eg: http://127.0.0.1/mydbeta/
$general_admin = ""; //Admin's Email address for errors

//Error Handling
$erry_show = "1"; //Show Errors
$erry_detail = "1"; //Show Error Details

//System Version
$sys_webserv = ""; //System Webserver
$sys_webver = ""; //System Webserver Version
$sys_phpver = "4.3"; //PHP Version

Now it is pretty straight foward.

GENERAL

Edit $general_dbdir = ""; to read $general_dbdir = "http://YOURSERVER/mydb/database/"; Or what ever you will set it as. This is where your MYDB databases will be stored.
Edit $general_dir = ""; to read $general_dir = "http://YOURSERVER/mydb/database/"; or what ever you will set it as. This is where MYdb is found
Edit $general_admin = ""; to read $general_admin = "you@yoursite.com"; This is the admin's email address

ERROR HANDLING

To not show errors change $erry_show = "1"; to $erry_show = "0";
To not show error simple details change $erry_detail = "1"; to $erry_detail = "0";

SYSTEM VERSION

This is for MYDBADMIN (might not be used though). Just change all the data fields to match your server configuration.
You're now done! :-)