Ryan McCain sent in this tool: "This is easily the most handy tool I have come across. It's mandatory that all applications on our servers are installed using CheckInstall if they are being installed from source."
Most of you probably know how difficult it can be to remove a program compiled and installed from source. In very few instances, a program's author adds an uninstall rule to their Makefile, but that's not usually the case. This is where CheckInstall comes into play. After you "./configure"; "make" your program, CheckInstall will run "make install" and keep track of every file modified by this installation and create an RPM.
See this Linux Newbie article by Stomfi.