Can Upgrade FC2 -> FC3 While Live?

[Fred Whipple]

Hi,

I'm wondering if it's possible to just upgrade directly from FC2 to
FC3 with, for example, up2date rather than booting from special
installation media.  Obviously I'm not saying while a server is
completely open and live, but while the machine is still booted such
that the only reboot is to boot into the new OS.

For the multi-distribution savvy, what I'm asking is if you can
upgrade the OS the same way you can with Debian :-)

TIA,

    -Fred