You can't generate the stub files locally without a WebSphere based product installed. You can create an ejb-jar without the stub files and then run ejbdeploy on the server you will deploy to though.
As far as building the ejb-jar, it's just a matter of jarring up the project if you have it in the right structure. Are you familiar with the structure of an ejb-jar?
The funny thing about this project is we are migrating to WAS 7 from WAS 5, but ejb is still 2.0. I will try to deploy it by creating jar. If I create the ear file [ ejb is part of that] and deploy it using WAS Admin console will Websphere generate the required file by itself or I have to use ejbDeploy only.