By the way, what is Slipstream Installation?
Well, If you want to combine your service pack's with SharePoint installers, so that you don't need to apply service pack after the installation (Service packs will be combined with installers and you will get latest build on one time installation!) you can use SlipStreaming.
OK, How to create Slipstream of SharePoint installer? simple. Download and extract the service packs, place them under "Updates" folder of SharePoint installer media!
Here is the detailed instructions on creating SharePoint slipstream installation:
If you are running with SharePoint foundation, you can just download service packs/patches/cumulative updates. If you have SharePoint Server, You must download the service packs for both SharePoint Foundation and SharePoint Server from the URLs: http://technet.microsoft.com/en-us/sharepoint/ff800847/
Step 1: Download SharePoint 2010 SP1:
Step 2: Copy the whole SharePoint 2010 installation DVD to local disk, lets say: D:\SP2010\, and Extract the service packs to the update folder (in my case it is D:\SP2010\Updates)
Same procedure applies to slipstream SharePoint language packs, CUs and other service packs like SP1, SP2,etc. Here is my another post on creating slipstream version of MOSS 2007: Slipstream SharePoint 2007 to Install in Windows 2008 R2
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