How to compile a new kernel, the easiest way:

the easiest way to compile a new kernel consists in the use of KernelCheck python script.

This way you can upgrade your Ubuntu Gutsy 7.10 distribution to stable kernel 2.6.23.1 or even try out release candidates of 2.6.24 kernel with its advanced power saving features.

http://kcheck.sourceforge.net/

http://ubuntuforums.org/showthread.php?t=618563

1. Download it here http://sourceforge.net/project/showfiles.php?group_id=199755
OR
wget http://kcheck.sourceforge.net/pool/latest-stable/kernelcheck-latest.tar.gz

2. Unpack the archive
tar -xzf kernelcheck-*.tar.gz

3. Install KernelCheck
cd kernelcheck-*

sudo python setup.py install

4. Use it
kernelcheck

Notes on KernelCheck
KernelCheck can be used for several purposes:

1. Comparing your kernel with the latest from kernel.org
2. Making fun of the Master Kernel Thread because it might be outdated
3. Automatically downloading, compiling, and installing the latest kernel

KernelCheck can install either the latest stable kernel, or the latest stable prepatch. Usually the prepatch is less stable than the kernel, but it is still widely used.
It also supports adding latest Kamikaze patches.

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many thanks fly to:
master_kernel KernelCheck creator,
AutoKernel authors (of which KernelCheck is a fork): Robert Wolterman (xtacocorex), Timothy Janssen (mentok), and Kristof Verbeken (PinguinZ)