In Fedora 16 (Verne) the init program has been completely replaced by systemd. systemd still provide SysVinit script compability such as the famous rc.local script. I noticed that Fedora 16 doesn't enable this by default, here a solution to enable this.
Create a rc.local script file at /etc/rc.d, for convenience we can provide this as link to it's common location with
# ln -sf /etc/rc.d/rc.local /etc/rc.local
Then activate the service and start it with
# systemctl enable rc-local.service
# systemctl start rc-local.service
Now systemd should run the rc.local script through the rc-local.service