Right now, the only icons you need to worry about are the first and the fourth icons. Now remember the wallpaper we saved? Hit the first icon and navigate to where the wallpaper is and select the file. Notice when you select this file, because it is much bigger than the PDA's screen, you can a gray box. This box lets you select what section of the picture you will use as the theme's wallpaper. Position the box and then hit the fourth icon to save that section as the Today Wallpaper. Since this is your first time making a theme, it should not ask you to overwrite an existing file.
If you ever get that, just answer yes. Your just updating the STWater files with your new images. Noticed that the area you select now fills up the entire box. The next thing we will do is save a start menu image. We will save the same image to give the start menu that "transparent gif" look. Select the Start option in the Image to Build section and hit the fourth icon again. It might not look like anything happened but it saved the same image as the start menu's image.
Now hit the sixth icon (Power Button and it will take you back to the images tab. Now we will move to the colors tab. Select the colors tab and you will notice that the background you see is the one you just saved. Don't worry about selecting any colors right now. Just hit the D button and then give your theme a name and select a location to save the theme. I always save to the desktop because you can get to it very easy by holding your Windows Key and hitting D
(Tech guys tip) Your screen should looks something like this:
Now go to the WM5 options tab. Select the BaseHue option. This is how WM5/WM6 figures out what colors to base all of options on. Take your mouse over the color bar at the top of this screen until you find a color that goes good with the theme. Once you have selected a color, make sure to check the options of:
Create BaseHue Key for Theme & Create DPI Key for the Theme and then hit Validate: