So freedom is important but so is working with MP3 files. The default Audacity package on Fedora does not have MP3 support which is understandable but a pest.
So here is how to get Audacity with MP3 support.
Firstly you need the rpmfusion repos,
su -c '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'
then its as easy as
sudo yum install audacity-freeworld
and it is done.