Check these two sites first:
http://www.linux-laptop.net/
http://www.tuxmobil.org
Check out if anyone else has installed Linux on your laptop.
As what comes to kernel compilation... I've compiled kernels since 2.0.x and I still do it for a couple of computers I use daily. I've given up compiling kernels for all the Linuxes I more or less have to maintain, for the following reasons:
- Configuring (new) kernel versions takes a lot of time
- Security problems in kernel -> (patch and) recompile
- New versions of programs need new versions of the kernel -> Reconfigure & Recompile
Compiling custom kernels is not usually required. It does, however, yield performance benefits (CPU optimization and less memory consumption) and may be the only way to make exotic hardware work.
If you want/need to proceed, then you'll find lots of help from
http://www.google.com/linux with keywords
compiling kernel
kernel compilation