rpm --rebuild linuxconf-1.16r4-1.src.rpm
and you will get binary RPMS in /usr/src/redhat/RPMS/architecture. On SuSE you get those in /usr/src/packages/RPMS/architecture. Architecture is i386 on a PC, alpha on a alpha and sparc on Sun workstations for example.
If you have modified linuxconf sources and wish to produce RPMs out ot it, you simply do:
make RPMREV=1 buildrpm
and you will get source and binary package in the appropriate places (/usr/src/redhat/RPMS/... and /usr/src/redhat/SRPMS).
Note that this applies to modules developped as indenpendant packages as well.