First of all make sure that un-wanted services are stopped. You can do this using :

#chkconfig servicename off

Secondly make sure that you are using the latest kernel for FC5. Also at booting check where exactly the system takes more time..i mean at initializing the hardware or at services time.

SMP won't affect booting much, if it all, since it is a largely linear operation. I suggest you do look at which services are taking so long to start and adjust your boot sequence accordingly.

102 seconds is just over a minute and 1/2. That is not bad. Why do you compare it to your windows boot time? I see no correlation.
My enterprise red hat servers take a couple minutes to boot. No biggie.
I wonder what average boot times are for fedora and other distros.....maybe I'll start a thread on it, but first I'll ck to see if one already exists.

The time that it takes for Windows to display it's login screen is far from the point when it's actually usable. After logging in it loads an endless amount of virus-scanners, firewalls, volume-controls and numerous amounts of different stuff that you need to be able to actually use it for anything productive. This is not the case with Linux.

So instead of comparing how long it takes for different operating systems to display their login screen you should compare the time it takes for them to be in a usable state.

Also: Disable the extra daemons and services that you don't need and check that you have a line that says 'compact' in your /etc/lilo.conf. If not, add it there and rerun lilo.

The time it takes to boot should not be the issue, actual performance during a session is what counts. How much RAM do you have? Also, Windows is like a greedy kid, it doesn't share very well, which is why it is almost better to get 2 separate drives with Win on one, and Fedora on the other. And you don't need a big one for Fedora.