From: http://www.cnblogs.com/tiechui/archive/2011/09/05/2167657.html
IPhone IPA packaging File Creation
It is very easy to do IPA in xcode. Now let's talk about the steps ..
1. Select device-3.0 | release mode, and then build
2.ProgramOpen release-iphoneos In the bulid folder of the directory, and you will find a. app file and. App. dsym file. What we need is a. app file.
-- Folder address: User/lib/developer/xcode/derivedata/projectname/build/products/debug-iphoneos
3. Create a payload folder, put the. app file, compress the payload folder in ZIP format, and change the extension to. IPA.
4. Double-click. IPA to synchronize it to the cracked mobile phone.
You can also use iTunes to directly copy this. drag an app file to its "application" column to generate an IPA file. this playback process can also be completed by selecting the database in the file. this is also very convenient
Directly use iTunes, menu file-> Add to database, select your compiled app, and iTunes will automatically convert it to IPA.
In ~ Under the/music/iTunes/mobile applications directory, you can see the converted IPA
Xcode 4 Packaging
Http://blog.csdn.net/microchenhong/article/details/6454414