Four steps:
1. Create an UV map for the mesh;
2. With the mesh selected and in "UV Face Select" mode, create a new image in the UV/Image editor panel (
Image->New) - if necessary, use the "split area" feature to create a panel, and change its type to UV/Image Editor;
3. Once you have created an UV map for the mesh, still with it selected, press
control+alt+B or go to
Render->Bake Render Meshes->Normals;
4. When the baking process ends, go to the
UV/Image Editor panel->Image->Save As. Save the result under any name.
Done.
To avoid further questions regarding baking, please, try the other options is the Bake menu. You may bake any type of texture to an UV map, Normals to UV map, Ambient occlusion to UV map, the complete result to UV map, textures from one UV map to another (
impressive example).
Have fun..
Luiz Fernando

Belo Horizonte.