If you are a subscribed iPhone Developer, you know what to do. If you're not, download and install the SDK from developer.apple.com (free download, it's the actual developer certificates that cost money), then follow the instructions at: http://blog.paulbetts.org/index.php/2008/07/22/running-your-iphone-sdk-app-on-iphone-without-the-app-store
Patches should be stored in iPhone Resources/patches