Jerry,
What version of RHEL are you attempting to boot / install? We need specificity here in order to help you.
Also, since you said Red Hat, I have to assume you have an RHN entitlement, part of that entitlement goes to pay for installation support. Have you considered submitting a support ticket with Red Hat on this issue?
FYI, your motherboard, according to the MFG features a NVIDIA MCP68S chipset, NVidia is pretty good about releasing drivers for Linux, chances are pretty good they may have the driver for your chipset. HOWEVER, there is no guarantee of that....
I have to ask, is the disk a single disk, or is this a pair of disks configured as say a RAID 0, or 1? If it is RAID, break the RAID and try the install with the disk as a single drive. Most onboard RAID controllers are software RAID, I would seriously suspect that Red Hat's default kernel isn't compiled with the modules for your RAID, and since it is presenting the RAID group as a software set, not a true block device, it can't recognize it as a "real" disk.
Judging from your BIOS date in 2009, let's assume for a minute, mostly because I admit I am flat ignorant of this board and chipset, but let's assume that it was absolutely bleeding edge at the time that BIOS was written... We can then logically infer that the kernel modules for the chipset (kernel modules in the Linux world are more or less analagous to drivers in windoze), were not yet developed and distributed through to the various Linux distributions. So the EARLIEST Red Hat release that would potentially work with that system board, assuming nobody wasted any time getting the kernel modules written, and then the folks at Red Hat got on the stick and got the modules compiled into their kernel, would be Red Hat Enterprise Linux 5.5 released in March 30 2010. And if you are trying to install from the i586 install media chances are that module just isn't going to be there...
So at the very least, you should be trying to install from RHEL 5.5 x86_64. And you would most likely be better off with RHEL 6.whatever x86_64 to insure compatibility with the more up to date hardware...
Something else to consider. RHEL (Red Hat Enterprise Linux) is just that, ENTERPRISE Linux. It's specifically targeted toward those that have big server farms with machines from the likes of Dell, HP, Penguin Computing etc... And while they do a good job of keeping up with system integrators / enthusiast PCs, that isn't their market niche... They are notoriously slow to update kernels and packages, opting for a stable release cycle that businesses and application vendors can rely on. It's a big heavy handed, but it works well. Perhaps using a Red Hat recompile distribution might work better for you, for example the latest CentOS, CentOS 6.3 at present, leaps to mind...