How did I configure my Linux box to use static IP addressing? With the netcfg command. Here are some screen captures of the end result. (By the way, you may want to check out my Getting a TCP/IP address from a DHCP server page.)
Here's how my Macintosh Open Transport TCP/IP control panel is set up. This is what we'll have to duplicate under Linux.

I fire up netcfg and start with the first screen, Names.

Now I set up static IP address. It's important that you provide a fully-qualified domain name. The nickname is for the short form.

The same static IP appears as the address for the Ethernet interface (eth0).

Lastly I set up the default gateway and network mask.

I hope this helps.