I know with Redhat there was an option to install directly from the iso stored on the hard drive. Can mandrake do the same?

Yup

10.0 and previous could only install from the 1st iso. As of the Beta2 of 10.1, it is stated by the devels that all isos can be used, I have not tried it. What I usually do is to extract all the isos to their own partition and dd if=hd_grub.img of=/dev/fd0, after doing fdformat /dev/fd0 with a floppy inserted. The hd_grub.img is in the images/ directory at the top of the extracted isos tree. Then, I edit menu.lst on the floppy to point to the partition containing the extracted isos, to the kernel, and to the initrd.img. It looks like this:

root (hd0,7)
kernel (hd0,7)/isolinux/alt0/vmlinuz ramdisk_size=128000 root=/dev/ram3 vga=788 automatic=method:disk
initrd (hd0,7)/isolinux/alt0/all.rdz

You could also have a look at this (thanks to google.... ):

http://www.linuxforums.org/forum/viewtopic.php?t=22237