Question about up2date

[Jim Patterson <jim_patterson comcast net>]

I only have one system currently running fedora, but was curious, can I 
download the header and rpm files from a mirror and basically set up my 
own mirror for subsequent machines I may have.  On the other machines I 
would change up2date

/etc/sysconfig/rhn/sources

and point them to the new sources.  Same with yum?

Would this be the way to do it or do I need something else? 

Any how to's on creating your own local mirror?