Thanks to Jeremy for this reply to my earlier post, it's so good I'm going to reproduce it in full;
Walt! First, cut its legs off. Then, you need lots of salt, for procuitto they add black pepper, coriander seeds, allspice and sometimes chili peppers.
For serrano the same but only pepper, then the next bit of equipment is a wooden vessel or plastic tub, a piece of plywood and a heavy weight, like a cinder block, covering the entire ham with the salt (your're looking at at least 5-10lbs of Kosher salt) and spices.
Then after 3-6 months it needs to be air dried for 3-6 months, hanging in a draught free area, in Italy and Spain they hang them in their attics. In Andalucia they hang them in bars, pre-smoking ban, as the fag smoke also infused the ham...easy!