* STEP 1 BUILD: Turns C code into libraries. Microsoft does this stage and gives pre-built libraries to customers in Platform Builder. The remaining stages you perform yourself (whether or not you realize it :)).
* STEP 2 SYSGEN: Turns libraries into DLL's, based on which libraries are required for componentization.
* STEP 3 BUILDREL: Copy all the DLL's from stage 2 into a central location.
* STEP 4: MAKEIMG: Munge all the DLL's, registry settings, etc... into a ROM image.