The first thing to ask is why do you need a newer kernel? Many peoples try to install a new kernel and end up having more problems then a better performance(in fact, you should not install a new kernel for speed). If all of your hardware is working perfectly, I see very few reasons to get a new kernel
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Unfortunately, you won't be able to install a new kernel from Mandrake Control Center. However, you could try going to a Mandrake ftp and grab a newer kernel for your distribution(rpm format and easy to install as any other Mandrake rpm). If you are using Mandrake 9.2, the latest kernel you can download is 2.4.30, which is very good. Note: If you are on Mandrake 9.2 and using the default kernel (2.4.10) you should do upgrade the kernel right away... 2.4.10 is not only buggy, but it's known for destroying LG CD-roms as well
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If you still want to try to compile a new kernel, try following
this thread very well written by one of our members, DrOzz
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Good luck!