Not sure if this is related to your problem or not, but I experienced the same thing with my machine a while back.
Turns out (according to Shaw tech support) that there's a bug in Red Hat that occasionally interferes with the DHCP client if you are currently logged in (either directly on the terminal or through telnet) as root. It does not seem to be affected by logging in as a user and then su to root.
I have not been able to verify this bug, but the 2 times it happened to me I was logged in as root. I stopped doing that, and it hasn't happened since.
What seems to happen is the DHCP client cannot speak to the DHCP server, so it assumes it can keep the IP address. However, if your DHCP lease expires on the server, there's the risk of it being given to someone else. Now both your machine and the new machine think they have the same IP (but you're outta luck).
Solution: give a user shell access, log in as that user, su to root, bring down ethX and bring it back up.
Hope this helps.