Note that this distribution was released in 2001 and stopped being supported a long time ago.
It contains many known bugs and vulnerabilities - use at your own risk!
(last updated on the 2010-05-22)
As this distribution is now quite old, it is more difficult to get it running with a recent kernel.
Here is a command line you can use with qemu, including the links to the kernel and ramdisk extracted from the image:
qemu -cpu qemu32 -clock dynticks -name RH72 -m 256 -nographic \
-hda ./RedHat-7.2-i386-root_fs
-nographic -curses -no-acpi -no-hpet
-kernel ./vmlinuz-2.4.7-10 -initrd ./initrd-2.4.7-10.img
-append "root=/dev/hda"