[sfx1999]

My precision ony can go to 1/32768, unfortunately.

Let me try to elaborate, only using 8 bits:

sign bit, 4, 2, 1, 1/2, 1/4, 1/8, 1/16
00011000

I am doing this with 32 bits, though. One thing, after you multiply, you will need to bitshift back, because the answer will be too large. You also need to shift after a divide, or else the answer will be to small. Addition and subtraction can be done normally. Doom uses this method.