First off I'd recommend using TWRP. CWM has been abandoned for a while now, tool have better support overall (both in device and building as you can as questions).Hey.. When I compile a recovery.img (CWM) using source CM codes, I also get a boot.img and ramdisk.img file in my output folder. Why ? Any use of them ? Are they modified to run new CWM ?
Is that the only reason when flashing the CWM recovery alone is not booting the CWM in my device? Do I need to flash that new boot.img too ?
Recovery is well recovery. Boot.img is the defult used when booting normally. The ramdisk can be found inside both the recovery and boot.img and I'm guessing that the process you are doing creates the ramdisk seprate for your convenience (So don't flash it or anything its for the use inside a boot.img or recovery.img)