Once you chosen your kernel source, next step is to configure for your compile. This is just a simple outline of the steps. It will not include a discussion of the various options to configuring the kernel, those documents already exist, on your system. See the Kernel-HOWTO on your system, for more detailed information. It's usually located in the HOWTO directory at /usr/doc/HOWTO. You must be in the top level kernel source directory /usr/src/linux and you must be logged in as root, to compile a kernel. Again you have some choices.
root@localhost # make configOne by one, you will be asked a series of questions to determine the options for options to prepare the configuration file /usr/src/linux/.config . The drawback to make config is that if you make a wrong choice you will have to start over. You can't go back with make config
root@localhost # make menuconfigThis is a pretty straightfoward configuration interface, that allows you to go forward and backward through the configuration questions, until you have everything just right for your system. You can even run make menuconfig in a virtual console.