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now go to TERMINAL and type  
 

cd Downloads/libpng-1.5.15  
 
./configure --prefix=usr/local/libpng  
make check  
sudo make install  
make check

 
Congratulations you just installed the libpng  
 
Now we need to create a shortcut and put it in /usr/lib for any program that is depended on it to work  
 
In TERMINAL type:  

cd (only if you are not using a new terminal)  
sudo updatedb (this could take a few seconds)  
locate libpng (locate the ".../libpng15.so.15" line and COPY)  
 
now we will create a NEW LINK (shortcut) of that file to "/usr/lib/"  
 
sudo ln -s /usr/local/libpng/lib/libpng15.so.15 /usr/lib/libpng15.so.15

 
 
you can now successfully execute applications that require libpng15.so.15