You can run most Windows applications using Wine. This monitors the program and every time it calls the operating system converts the Windows command into a Linux one. Not really an emulator, so it's not slow.
You really do need something more up-to-date than Fedora 3, or you're going to find new software is incompatible with the libraries you have installed. When you've got Fedora 8, you can get wine by simply running the following as root:
yum install wine
And that's it!
Learning your way about is mostly a matter of searching for information when you need it, but do visit the site www.fedorafaq.org/f8
for a start: in fact, read it before you do anything else.