I've recently downloaded a copy of wine source code (Wine-20020122) from
ibiblio.org. I've followed all the instructions.

INSTRUCTIONS:
Download the file to /tmp, then:

cd /usr/local/src/

tar -xzvf /tmp/Wine-YYYYMMDD.tar.gz

ln -s Wine-YYYYMMDD/ wine

cd wine

./tools/wineinstall


Alternately, after untarring the tarball, change to the Wine-YYYYMMDD directory,
and run

./configure
make depend
make
make install

As outlined in section 4 and 5 of the README document
-END OF INSTRUCTIONS-

But when it comes time to ./tools/wineinstall.. I get the following message and
wine does not install..

[root@localhost wine-20020122]# ./tools/wineinstall
WINE Installer v0.7

which: no wine in
(/sbin:/usr/sbin:/bin:/usr/bin:/usr/X11R6/bin:/usr/local/bin:/usr/local/sbin)
Running configure...

loading cache ./config.cache
checking whether make sets ${MAKE}... yes
checking for gcc... no
checking for cc... no
configure: error: no acceptable cc found in $PATH

Configure failed, aborting install.
[root@localhost wine-20020122]#

I'd really apreciate some help :-) and I did search the forums before I posted
but did not find anything to directly help me with my problem, Also I've tried
long and hard to figure out for myself before posting :-)..

Thanks in advance to any suggestions and help..

you did ot install gcc when you installed your system. install it. please please search this site for a LOT of identical questions (not about wine in particular)