The notes on kernel compilation is here . Basically for Ubuntu the way is slightly different and seems much easier since you don't have to edit the Grub configurations manually after you created the *.deb file for linux images and headers. Everything will be taken care for you.
My system is now, running Linux Mint 12 [derived from Ubuntu 11.10]
vostro-mint source # uname -a
Linux vostro-mint 3.4.0-1-i5 #3 SMP Tue May 15 00:23:33 MYT 2012 x86_64 x86_64 x86_64 GNU/Linux
vostro-mint source # cat /etc/issue
Linux Mint 12 Lisa \n \l
vostro-mint source # cat /proc/version
Linux version 3.4.0-1-i5 (root@vostro-mint) (gcc version 4.6.1 (Ubuntu/Linaro 4.6.1-9ubuntu3) ) #3 SMP Tue May 15 00:23:33 MYT 2012