Here are the exact steps to create a kernel tree in your Redhat 7.3 system.
Make sure that /usr/src/linux-2.4.18-3 exists before starting.  If your
Linux system is below 7.3, we suggest you to upgrade it and install an
ext3 filesystem for it.  If your Linux is 8.0, you will need to change the
version numbers (e.g., 2.4.18-3 => 2.4.19-2).

Step 1: (40 sec) from home directory

     cp -r /usr/src/linux-2.4.18-3 .

Step 2:

     cd linux-2.4.18-3
     (edit Makefile, line 4 => "EXTRAVERSION = -3", i.e., remove "-custom")
     cp configs/kernel-2.4.18-i686.config .config

Step 3: (20 sec)

     make oldconfig

Step 4: (2 min)

     make clean dep

Step 5: (7 min)

     make bzImage