The directions for installing dropbox on a server (no X) were kind of spotty.
I was going to clean them up but didn't know where to start. I decided to edit the document for myself, and later decided to share what i had.
I removed many of the unrequired steps. These docs have been tested under Fedora 7 & 8, email me if they work for you and your OS!

How To Install Dropbox In An Entirely Text Based Linux Environment

You will need:
    * At least version 2.4 of the C library
    * wget
    * gcc C compiler
    * The C library development files
    * Python 2.5
    * a web browser
    * dbmakefakelib.py

1. Use wget to download the Dropbox Linux client, using either the link to the latest stable version (32-bit or 64-bit), or go to the forums and find a link to the latest forums version.
   This example was written using the the 32-bit build of the client below:

wget -O dropbox.tar.gz http://www.getdropbox.com/download?plat=lnx.x86

2. Use tar to extract the client. It will be placed in a hidden folder named .dropbox-dist/  (lame!):

tar xfzv dropbox.tar.gz && cd .dropbox-dist

3. Use wget to download the Python script needed to set this up.

wget http://dl.getdropbox.com/u/6995/dbmakefakelib.py

4. Edit the python script, you need to change the "killall dropboxd" to just "killall dropbox" (no d)

 vi dbmakefakelib.py

5. Run the dbmakefakelib.py script - this creates fake stub copies of the GUI libraries so dropboxd will start.

python dbmakefakelib.py

6. Check to see if your pc got auto registered on https://www.getdropbox.com/events you should see
   The computer yourpc.yourdomain.com was linked to your account 
   
   if you don't see that entry, then
   
   copy and paste the url that looks like:
   https://www.getdropbox.com/cli_link?host_id=###############################
   into your webbrowser to associate this machine with your dropbox account

7. Create a folder ~/Dropbox for the Dropbox files.

mkdir ~/Dropbox

8. Create a /etc/rc.d/init.d/dropbox script by pasting the following (make sure to replace user1/user2 with your /home/user/)

# chkconfig: 345 85 15
# description: Startup script for dropbox daemon
#
# processname: dropboxd
# pidfile: /var/run/dropbox.pid
#
# Source function library.
. /etc/rc.d/init.d/functions

DROPBOX_USERS="user1 user2"

prog=dropboxd
lockfile=${LOCKFILE-/var/lock/subsys/dropbox}
RETVAL=0

start() {
        echo -n $"Starting $prog"
        for dbuser in $DROPBOX_USERS; do
            daemon --user $dbuser /bin/sh -c "~$dbuser/.dropbox-dist/dropboxd&"
        done

        RETVAL=$?
        echo
        [ $RETVAL = 0 ] && touch ${lockfile}
        return $RETVAL
}

stop() {
        echo -n $"Stopping $prog"
    for dbuser in $DROPBOX_USERS; do
        killproc ~$dbuser/.dropbox-dist/dropboxd
    done
        RETVAL=$?
        echo
        [ $RETVAL = 0 ] && rm -f ${lockfile} ${pidfile}
}

# See how we were called.
case "$1" in
  start)
        start
        ;;
  stop)
        stop
        ;;
  restart)
        stop
        start
        ;;
  *)
        echo $"Usage: $prog {start|stop|restart}"
        RETVAL=3
esac

exit $RETVAL


9. Now add the symlinks to start it (rc3.d most likely):
chkconfig --add dropbox
or
cd /etc/rc.d/rc3.d/ && ln -s /etc/rc.d/init.d/dropbox 

10. start it
chmod +x /etc/rc.d/init.d/dropbox && /etc/rc.d/init.d/dropbox start