In the end, the bits are free. What Red Hat wants you to pay for is
support and easy updates/management features via RHN.
What you cannot do is buy one subscription, and attempt to use it on
several different machines at once. As far as I know, Red Hat is not
selling boxed versions of RHEL without an accompanying subscription.
Several groups have already done rebuilds of RHEL, resulting in
freely-available binary ISOs. See http://www.whiteboxlinux.org/ and
http://taolinux.org/. Note though that those aren't official Red Hat
products, and you won't get one iota of support from Red Hat if you
run into problems.
ISOs for Fedora are freely available. See http://fedora.redhat.com.
Shrike is Red Hat Linux 9, and has been End-of-Life'd.