That means I can also add the existing hard disk volumes for example / , /boot,/swap to the LVM Physical volume, logical group ?
It will be much more difficult to do this now that you have got rid of the LVM setup that you had originally. Since you seem to have been quite happy to reinstall FC3 to get rid of LVM, I'd suggest reinstalling again, this time proceeding with LVM rather than manually partitioning. This will probably be easier than moving your existing partitions into LVM.
Paul.