Installing new kernel (by commandline) as side of old kernel and effective configuration of ' menuconfig'

I need to install another kernel (2.6.34) into my fedora machine (x86) and i need to show the old and new boot up options in the boot menu (both new and old kernel) I have downloaded the new kernel and i need to compile it and need to build it. can you explain me the steps for doing that? I got the correct steps from this discussion and am having doubts in the steps 6 and 7 in the below link which explains the installation of new kernel. http://www.cyberciti.biz/tips/compiling-linux-kernel-26.html Also can you explain the effective configuration of 'menuconfig' and its what it actually aims?