I am unfamiliar with Fedora Core's installer, but maybe it is trying to mount the CD-ROM itself in a certain directory, and then install the packages.
You can try to find out where it mounts the CD by inserting any disk into your drive, starting the installation program, telling it that you have inserted the Fedora disk, and coming to a terminal and typing "mount" to see what all has been mounted.
Again, this is pure guess work, someone who has used FC a lot will be able to help out better. Maybe it will just turn out to be easier to burn the Cd's, or install the RPM's manually. But one should probably drop the fedora team a line, requesting them to add an option to specify the location of the installation media.
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Hardware - Celeron 266 MHz, 128MB RAM, Intel i740 8MB RAM
Software - Slackware Linux 10.1; Archlinux 0.7; Windows 98 SE
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