If you want to build your own Linux, you have 3 GREAT options to work from:
(Google them and post the links!)
LFS (Linux from Scratch)
Gentoo (Gentoo.org - simply the fastest distro, you can choose which bits you want to do yourself - provides a great tool "portage" to automatically compile everything for your setup, based on your settings and flags... hence, could take a few days to get a fully functioning gnome/kde system)
Slackware ... used to be pretty manual in the older versions, and all the tools are probably available on the livecds/installcds to make it fairly simple to do your own thing
KNOPPIX ... Ideal base to start off from, its a bootable livecd with everything you could dream of. The CD version is actually better than the DVD version since you can load the whole CD to RAM with the "toram" option. Based on Debian
And... to quote SuSe... "have a lot of fun..."