2 DHCP IP's -> 1 Ethernet Device

Not sure it is doable to be honest. Whist DHCP is fairly universal, the manner in which differnet OS's bind additional IP addresses is not.

DHCP is designed to make WORKSTATION network configuration easier. 99.x% of workstations usually only ever require a single IP. Servers are a different matter, and are usually configured statically, for many reasons, but mainly because they don't want to be relying on other servers, plus they may have complex configurations, like multiple bindings.

Perhaps you could resolve your problem by using dns cnames (aliases)?

I need 2 seperate IP addresses, and DHCP is my only option for assignment.  The OS im using is Fedora Core 6

What is the DHCP server running on?

To my knowledge, the DHCP server is on a redhat box.

Usually, when you do multihoming, it's a static setup...  It's not often that a single physical interface is multihomed yet you want the addresses to be dynamic.

Can you describe the physical relationship between the two networks you want to bind to the same NIC?   That might help us figure out where to look...