IP.BIN creation

How do I actually create an IP.BIN file.  Marcus's site contains a lot 
of info on what it does and how it works, but none on how to actually 
make one.  I downloaded his IP.BIN creator file but it contains no 
explaination on how to use it.  The file appears to be a hex file, could 
I possibly edit it with a hex editor.

Thanks,
Michael