Please follow the updated directions provided by Bendrexl below before attempting any other methods.
Here's a roundup of essential steps from this thread that worked for me...
:good: HUGE THANKS to: Whoareyou, docna, caspar347, Dishe
Well, i figured that you all deserve one last good ROM, so i came back for one last time, to bring you, a direct port of, the HTC Explorer!
RC2: Rebased, WORKS GREAT...
Yall are starting to treat him in a way i once remember Jdkoreclipse being treated, he compiled CM6 source and called it his, but he was new to the compiling world, and didnt know better, and got flamed and banned, now, he hates XDA and refuses to...
Ok, Well, I was really bored today, and was tired of the boring PACman ROM bootscreen, so I decided to spruce my phone up a bit, and conjured this little piece up :D
Well, im just posting another ROM and it another day, but guess what??