Web Development Tools

How to compile Linux kernel v2.6.31.2 for mini2440, with web development
features enabled like (Web-server, HTTP, FTP, E-mail support: SMTP,POP3,
Web File Attachment,SNTP)

Theses aren't in the kernel.
Most kernels (all) have networking enabled.

What you need is software...
let's say Apache, proftpd and sendmail....

can i run a web server on mini2440 with its default networking features
enabled?

mini2440 disk image has built in BOA web server.
you can see here at davef comment:
http://www.friendlyarm.net/forum/topic/315