Hereís the installation manual for Fedora 7. Have a cursory read through that before beginning.
Have a close look at this part on the boot loader (read ahead a few pages)
Grub will be installed on the Master Boot Record or your drive at some point toward the end of the installation process. Iím not a Fedora user, but it seems to be the case that the Grub configuration will most likely detect the presence of Windows on the machine and add it to the menu of available operating systems to boot.
What gets ďdeletedĒ is the Windows boot loader. But Grub makes a fine replacement to that. Iíve been dual booting Debian and XP for a number of years with Grub.
Of course (and this is always the case when playing with partitions and boot records) ensure that you have an up to date backup of your data and recovery/reinstall disks for Windows and itís programmes.