I am running the "2.6.9-55.0.12.ELsmp" kernel. I have 32G of RAM on my server. I want to run the hugemem kernel.

The /etc/grub.conf file does not have an option for hugemem.

The /boot directory does not have any "hugemem" files.

The "/usr/src/kernels" directory does have 2.6.9-55.0.12.EL-hugemem-i686
and this directory has many files that appear to be complete.

This command does find the RPM installed.
$ rpm -qa |grep huge
kernel-hugemem-devel-2.6.9-55.0.12.EL

What steps must I complete to be able to boot my system with the hugemem kernel?

Help would be greatly appreciated.

kernel-hugemem-devel-2.6.9-55.0.12.EL does not contain the kernel itself. According to the description of this package http://rpm.pbone.net/index.php3/stat....i686.rpm.html
it "provides kernel headers and makefiles sufficient to build modules against the hugemem kernel package." You need to install the package that contains the hugemem kernel itself. Look in your package manager. There was an update for this version of the kernel, though, so I can't tell you which version you need.