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I've been experimenting with building kernels on instances in the Amazon EC2 cloud. In most cases this isn't going to give better performance than building locally on a fast build server, it's an option if you don't have any fast hardware available.

This work was done during the Jaunty alpha releases.

Here's the basic recipe for how to do it:

First, you'll need to set up an Amazon account and sign up for the Ubuntu beta testing, in order to get access to ubuntu images on EC2.

Link to Amazon EC2 info here