All, just a quick note. FC 10 network manager apparently has bugs and will not be any help in setting up a static IP. From what I have read it's been a "feature" of FC since 8.
My ifcfg-eth0 has the below entries
DEVICE=eth0
ONBOOT=yes
BOOTPROTO=static
HWADDR=**.**.**.**.**.**
TYPE=ethernet
USERCTL=no
PEERDNS=yes
IPV6INIT=no
NM_CONTROLLED=yes
NETMASK=***.***.***.*
IPADDR=***.***.***.***
GATEWAY=***.***.***.***
DNS1=***.***.***.***
I'm sure this might be second nature to some, but I couldn't find the answers in google I was looking for so I hope this might help someone. Network manager did not put in any DNS entries. You can also enter a DNS2 setting.