Hi, let see how to create a Approval Content for the Sharepoint Custom List Items 2010
Step 1: Open the Sharepoint site eg:http://sharepoint2010
Step 2: Goto the the Site Actions ->More Options-> create a custom list

Step 3:Once you create a custom list on the Ribbon goto to List settings and then click Versioning Settings

Step 1: Open the Sharepoint site eg:http://sharepoint2010
Step 2: Goto the the Site Actions ->More Options-> create a custom list
Step 3:Once you create a custom list on the Ribbon goto to List settings and then click Versioning Settings