How to install VMware Server 1.06 on Linux kernel 2.6.26

I updated my server’s operating system from Fedora Core 6 (on which VMware Server ran perfectly) to Fedora 8. Fedora 6 was running an older 2.6.25 (which VMware liked just fine), but Fedora 8 brought me the 2.6.26.6-49.fc8 kernel, which caused a lot of trouble.
After spending 5 hours looking everywhere for a solution (I even thought the newer v1.08 would work on this kernel – but it didn’t), I considered writing down what I did to finally get my virtual machines up and running: