I own a Motorola Defy and it is running 2.2.2. I was wondering if i could create a backup of my kernel by any means!
Is there any software/application/method which can help me achieve this?
As GAThrawn already indicated, the answer to your question is covered by How to backup an Android device?. As far as the kernel is concerned, two of the answers apply:
Both variants require your device to be rooted, and for the Nandroid backup you will need to have a custom recovery (e.g. ClockworkMod) installed.