1 ) Now you need to be root as to install the player so give the command "su" without quotes it will ask the password for root so go ahead
2 ) Now we need to set the repositories so in the terminal just copy-paste the command "yum localinstall --nogpgcheck http://download1.rpmfusion.org/free/fedora/rpmfusion-free-release-stable.noarch.rpm http://download1.rpmfusion.org/nonfree/fedora/rpmfusion-nonfree-release-stable.noarch.rpm" without quotes and press enter
3 ) Incase it asks you to confirm just press y and then enter as shown in image below
4 ) Once you see the completion message for the repositories give the command "yum install vlc"
5 ) Incase it asks for the confirmation again in yes or no press y then enter
6 ) After sometime you will see that it shows the completion message for VLC as well and now as the repositories are set you can install any software by giving the command "yum install package name" e.g "yum install skype"
Now once the player is installed same like windows you can play any audio or video file format in your Fedora linux too.
Note: All the commands stated above should be without quotes and incase you wish to see the step by step Fedora installation you can see here.