RH 7.2 is not a particularly good choice. You should probably be using either RH 7.3 or 9.0 (don't bother with 8.0) so you won't have to load so many patches.
You can download ISO images of Red Hat CDROMs from Red Hat's site, or from the ibiblio.org mirror.
If you insist on using 7.2, make sure you ftp all the patches from updates.redhat.com (this will take quite some time!) and apply them before attaching your system to a network. An unpatched 7.2 system that allows incoming connections from the Internet will be owned in less than a week, which is probably not what you want.
As for the partitions, to some extent it's a matter of taste, but mostly you need to figure out what you use the system for and partition accordingly. On most of my linux boxes, I make separate partitions for the /var and /home directories, and I make /tmp a link into /var/tmp. That way, print spool jobs (/var/spool/lpd) and email (/var/spool/mail) and log messages (/var/log) and temporary files (/tmp, /var/tmp) can't use up all the space on my critical system areas (/ and /usr).
Running out of space in the root partition is a pain in the tuchus. Running out of space in /var or /home is not so much pain.