there are thousands of methods to do this, but let's do it with all the nice help we can get from ubuntu..
these steps are based on the ubuntu documentation about building a kernel and some Ubuntu community howto about compiling a kernel
apt-get install fakeroot kernel-wedge build-essential makedumpfile kernel-package libncurses5-dev sudo apt-get build-dep linux apt-get build-dep --no-install-recommends linux-image-`uname -r` apt-get source linux-image-`uname -r`
cp linux-2.6.32/debian/control-scripts/{postinst,postrm,preinst,prerm} kernel-package/pkg/image/
cp linux-2.6.32/debian/control-scripts/headers-postinst kernel-package/pkg/headers/
make menuconfig
make-kpkg clean fakeroot make-kpkg --overlay-dir=$HOME/kernel-package/ --initrd --append-to-version=-custom.1.0 kernel_image kernel_headers
dpkg -i ../linux-image-.....deb dpkg -i ../linux-headers-.....deb