This is something I often setup for clients because it's very helpful for people in datacenters, this allows custom OS installs on demand, you can customize it more by using kickstart etc.. but here's a base I use before customizing more:
This little script below will install everything you need to get booting by PXE Linux.
It also assumes you set a local IP (be sure not to overwrite your existing IP) on eth0:0 (note the :0) as 192.168.1.10 and it........
SIOCSIFFLAGS: Cannot allocate memory
Failed to bring up eth0
This is on a Centos 5.5 machine with OpenVZ kernel 2.6.18-238.12.1.el5.028stab091.1PAE, I updated 3 systems with the same hardware to the same kernel and for some reason the network didn't come back.
This only happened once the first time I booted into the new kernel and hasn't happened again but this is a serious issue for those running systems from remote locations such as a datacente........