I had to do a Windows reinstall (same old story) on my dual-boot machine today, and of course it totally rewrote the MBR. So I booted with my FC5 dvd and did the whole Linux rescue thing. Would using grub-install have worked for me? I didn't think of that. Here's what I ended up doing:
(note that the linux rescue features of the FC5 dvd will automatically mount your sysimage for you, no need to do that by hand)
# chroot /mnt/sysimage
# grub
grub> find /boot/grub/stage1
grub> root (hd1,0)
grub> setup (hd0)
grub> quit
# vi /boot/grub/grub.conf
# exit
# exit
My understanding of the events outlined above is this: you enter into a sort of grub command shell, tell it which drive has the /boot directory (hd1 in my case), and then write to the drive that contains the MBR (hd0). This worked for me. The 'find' command was great, because I didn't know exactly which disc was the right one - it figured it out for me. After this, everything worked just fine again. Now Windows is happy in its ignorance of a superior OS located on the same computer.
Fun note: this doesn't work if your fstab isn't correct. I had deleted a vfat partition that I used to transfer files around (back before NTFS support), but forgot to inform Linux of the change. Rescue won't mount your system properly if it doesn't like your fstab. Fortunately, I was able to access fstab from the rescue console and delete the offending line. After that, things were okay.
Fun note #2: trying to fix grub by running through the upgrade process doesn't quite work either. Anaconda notices that your grub is gone, and goes through the grub setup dialogue like normal. But then at the end, since no packages are being upgraded, the grub changes are aborted. Personally, I think Fedora ought to jam the grub rebuilder into the install process. You know, on the screen where it asks if you want to install or upgrade - have it ask if you want to install, upgrade, or just fix grub. Then "gurus" like myself could fix grub graphically.