The document outlines the steps to create a basic iPhone application using Xcode and Interface Builder:
1. Create a project in Xcode and design the user interface using objects like buttons and labels in Interface Builder.
2. Create a controller class in Xcode to handle user interactions and connect the interface objects to instance variables declared in the controller.
3. Write source code methods in the controller class to handle events like button presses and run the application in the iPhone simulator.
4. Add an app icon graphic and configure it in the project settings to complete the basic iPhone application.