From the clean source code tree I did:

make dep make bzImage make modules make modules_install

OK, Ricardo stating the obvious again. I know you said the source code tree is clean, but did you try to make clean or (possibly a better idea) make mrproper at any point? Worth a go, I guess, just incase you had stuff hanging about from previous comps.

bang head against wall bang head against wall again

I know that feeling too well! The only other thing I'm thinking of is maybe your compiler is fscked? Are you using gcc 2.95, or a later one?

Ricardo