Usually kernel source are stored in /usr/src/linux-2.6.x/
.
To avoid to recompile the entire kernel if I modify a module's source, how can I recompile just that module?
Switch to the root directory of your source tree and run the following command:
$ make modules SUBDIRS=drivers/the_module_directory
And to install the compiled module:
$ make modules_install SUBDIRS=drivers/the_module_directory
Note: As lunakid mentions, the latter command might not build the module first, so be careful.