Learn how to flash a kernel at
Video showing you how to flash a custom kernel on Android. Note: You need root permissions in order to be able to do this.
In order to flash a custom kernel on your Android phone, you need to boot into recovery mode (or the clockworkmod recovery). You can select what you want by using the volume+ and volume- keys to go up and down, and the power key to select.
Installing custom kernels can have a lot of advantages over most stock kernels, some of them being better battery life, faster clock speeds (overclock), or they can just perform better overall.
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