I've recently installed kernel 2.6.10 on my Slackware 10.1 distro. I used the packages from the slack ftp site. It seems to be running a little slow.

Is there a way of making the kernel quicker by recompiling it.? Perhaps by leaving out certain modules. ?

I also noticed that my fstab contains the following:

/dev/hda3 swap swap defaults 0 0
/dev/hda2 / ext3 defaults 1 1
/dev/cdrom /mnt/cdrom iso9660 noauto,owner,ro 0 0
/dev/fd0 /mnt/floppy auto noauto,owner 0 0
devpts /dev/pts devpts gid=5,mode=620 0 0
proc /proc proc defaults 0 0

Would it help to remove this entry?
devpts /dev/pts devpts gid=5,mode=620 0 0

removing this line will cause you won't able to open x terminal

Recompiling may make your system faster, but it is doubtful that it will be so much faster that you would actually notice it. Your time would probably be better spent getting rid of processes that you don't need, looking at your available RAM, etc.