Audacity is available in 2 easy locations for Fedora 16...
without support for mp3 and ffmpeg import/export is in the standard fedora repo.
with support for mp3 and ffmpeg import/export is in the rpmfusion repo.
To install audacity without mp3/ffmpeg
yum install audacity
To install audacity with mp3/ffmpeg
Be sure you have the rpmfusion repos installed. http://rpmfusion.org/Configuration
yum install audacity-freeworld