First CentOS 3 is now at 3.7 and the kernel is at 2.4.21-40 but that's beside the point.
Second using a Red Hat supplied kernel config file is only a starting point you need to configure the vanilla kernel.org further, do this while your in 'make menuconfig' or 'make config' or 'make xconfig' or whichever you choose use.
Third the steps are;
make mrproper
make oldconfig
make menuconfig (this is what Red Hat recommends, see link below)
make dep
make clean
make bzImage
make modules_install
make install
Notice I used 'make menuconfig' this is where and when you adjust or tweak the configuration for your hardware and adjust or fix any missing parts (like the network section) of the configuration.
Finally notice I did not use 'mkinitrd -v /boot/initrd-2.4.32.img 2.4.32' because there is no reason to, the 'make install' command does this and more.
You may find that reading will help also;
http://www.redhat.com/docs/manuals/e...dularized.html