ok.... here i go...

I have updated my kernel 2.4.20-8 to 2.4.20-27.9 and it was
really easy to do... all i did was... launched up2date program....
and it did it for me... i didn't have to do anything else.... just like
some complicated guides... every time i start up my pc grub comes
and gives me 2 Options to boot linux one with the old kernel and
the other one with the new kernel... so i go everytime with the new
kernel... i know how to remove the old entry from grub.... my question
is/are...... is the old kernel taking space!?? is there anyway to remove
the old kernel!?? will this harm my current os!??

Thanks!

" is the old kernel taking space!??"

Yes.

" is there anyway to remove
the old kernel!?? will this harm my current os!??"

You can remove a kernel using the rpm command. This will hurt nothing as long as it is not the kernel you are running on. To remove a kernel rpm package named kernel-2.4.22-56 then log into root, open a terminal and issue the command:
rpm -e kernel-2.4.22-56

To find out what your kernel rpms are named use the following command:
rpm -qa | sort | less

Then scroll down to the kernel names.

On second thought, I have to say that I am not sure what effect exactly removing a rpm package will have on grub. The rpm install changed grub and so the rpm uninstall should also change grub. So before you remove the old kernel save /boot/grub/grub.conf someplace handy. Then after you do the rpm -e check /boot/grub/grub.conf again to see if it still works the way you want before you reboot. Or you could make a boot floppy and test it out before you do the rpm -e.

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Steve Stites