check out my latest guide:
http://www.adam.com.au/kellyjones/sms/docs/
this sums up how to do in 10 - 30 minutes what i have been trying to figure out on my own (in spare time) for about 4 days.
it will take you from vanilla XP box to a compiled SMS.ELF fresh from the SVN source.
the rest is up to you.

