You can also use Altiris to setup a Linux ftp deployment server. Just boot the OEL cd with the prompt:
Then, the OEL CD image will ask you if you'd like to use the CD-ROM or opt for an NFS, ftp or http install source. Before you hit the OK key, make sure that the local CD image disk 1 is unmounted. If you don't, the network install will fail and you'll see the file product.img appearing in your logs. Try again, this unmount the boot CD image from which you started and then hit OK to start the network install. This fixed all my problems (after several hours).