A semiclassical theory of the low frequency shot noise in ferromagnet - normal metal systems is formulated. Non-collinear magnetization directions of the ferromagnetic leads, arbitrary junctions and the elastic and inelastic scattering regimes are considered. The shot noise is governed by a set of mesoscopic parameters that are expressed in terms of the microscopic details of the junctions in the circuit. Explicit results in the case of ballistic, tunnel, and diffusive junctions are evaluated. The shot noise, the current and the Fano factor are calculated for a double barrier ferromagnet - normal metal - ferromagnet system. It is demonstrated that the shot noise can have a non-monotonic behavior as a function of the relative angle between the magnetizations of the ferromagnetic reservoirs. ; Comment: 17 pages, 7 figures