Description of problem: Out of the box Fedora Core v2 can't do LVM snapshots. The device mapper snapshot target code was accepted by Linus on June 19th 2004, so the the upcoming 2.6.8 kernel will have the code. It would be nice to get this into a FC2 errata kernel ASAP. BTW, just keeping an eye on the Joneses (ala SUSE 9.1), it does have out-of-the-box snapshots working. Haven't looked to see how they did that.
I notice that FC2 errata kernel-2.6.7-1.494.2.2 has the dm-snapshot kernel module. I haven't actually tested snaphots though.
I've tested it and it works.