Either I am doing all wrong, but I think you need to use -p1 to apply 
patches. Make dep is unnecessary now.
Best regards,
Petri Koistinen
--- linux-2.5.62/README.orig	2003-02-18 20:27:00.000000000 +0200
+++ linux-2.5.62/README	2003-02-18 20:27:20.000000000 +0200
@@ -69,10 +69,10 @@
    install by patching, get all the newer patch files, enter the
    directory in which you unpacked the kernel source and execute:
 
-		gzip -cd patchXX.gz | patch -p0
+		gzip -cd patchXX.gz | patch -p1
 
    or
-		bzip2 -dc patchXX.bz2 | patch -p0
+		bzip2 -dc patchXX.bz2 | patch -p1
 
    (repeat xx for all versions bigger than the version of your current
    source tree, _in_order_) and you should be ok.  You may want to remove
@@ -149,8 +149,6 @@
  - Check the top Makefile for further site-dependent configuration
    (default SVGA mode etc). 
 
- - Finally, do a "make dep" to set up all the dependencies correctly. 
-
 COMPILING the kernel:
 
  - Make sure you have gcc 2.95.3 available.
-
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