Just for kicks, I'm going to give this a shot and see what the result is. I'm using the Fedora 16 Live Desktop (x86_64) because I already have the ISO file. I'm using VirtualBox 4.1.14 r77440 on Fedora 17 x86_64. I've created a new machine using all default settings. Once created I've changed networking from nat to bridged. Burning the live disk now and will report back once the install has finished.
Using cdrecord to burn the live cd.
Well, 12 minutes later I'm sorry to report that the install worked flawlessly and I now have a fully working Fedora 16 desktop system running under VirtualBox.
maydayjay1970, during your repeated attempts to install have you been deleting and recreating the virtual machine? I wonder if that may help since it would give you a fresh start.
Remember, the virtual machine was created with all the default VBox settings with the exception of nat/bridged networking.