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sudo ./PlaneShift-<whatever>
but I really recommend against this. If you do this and there is an update available you have to run the pslaunch application also with sudo just for the update. (And even this can lead to troubles as the PS-updater sucks and at times forgets an update if you couldn't do it as normal user)
I ended up having to do a fresh install of 12.04, a while back (messed with compiz too much) and re installed using that method, and the update worked fine, didn't need to run it with the sudo to update it, but I did need to mark those two files as executable to get it to run the first time. Maybe they fixed it this time, or a bug in my favor
(and yes dropped it in /opt ) Granted it will work either way aital, theres no 'standard' way to do it, just whats right for what you want to do with it. (heavy modder vs just works etc)