You may need to replace the LABEL= entries in /etc/fstab for both FC4 and F7, and in the grub.conf, to point to the actual device. What often happens in these types of set ups, is that the system may boot the right kernel and then mount the wrong file system. Not Good. anaconda is somewhat notorious for mangling labels with /, /1, /2, etc. General rule of thumb: When dual (or more) booting like systems, force grub and fstab to read the specific device and not the LABEL. Good Luck!
O.K I'll put the device instead of LABEL, this is what it looks like at the moment title Fedora Core (2.6.11-1.1369_FC4) root (hd0,0) kernel /boot/vmlinuz-2.6.11-1.1369_FC4 ro root=LABEL=/ vga=0x31b initrd /boot/initrd-2.6.11-1.1369_FC4.img title Fedora 7 (2.6.21-1.3194.fc7) root (hd1,0) kernel /boot/vmlinuz-2.6.21-1.3194.fc7 ro root=/dev/hdb1 vga=0x31b initrd /boot/initrd-2.6.21-1.3194.fc7.img