How to debug my Cross compiled Linux Kernel?

Question

I 've cross compiled a Linux Kernel (for ARM on i686 - using Cross-LFS). Now I'm trying to boot this Kernel using QEMU.

$ qemu-system-arm -m 128 -kernel /mnt/clfs-dec4/boot/clfskernel-2.6.38.2 --nographic -M versatilepb

Then, it shows this line and waits for infinite time !!

Uncompressing Linux... done, booting the kernel.

So, I want to debug the kernel, so that I can study what exactly is happening.

I'm new to these kernel builds, Can someone please help me to debug my custom built kernel as it is not even showing anything after that statement. Is there any possibility of the kernel being broken? ( I dont think so, b'se it didnot give any error while compiling )

And my aim is to generate a custom build very minimal Linux OS. Any suggestions regarding any tool-chains etc which would be easy & flexible depending on my requirements like drivers etc.,

ThankYou