What you downloaded is the source code for the program you wanted. It's advised to use your package manager (yum) to install packages if they are available from the repositories and only use sources in special cases, for example if not available from repos or if you need special features that need to be indicated at compile time.
I don't use Fedora myself but some Googling indicated the following:
First you'll need to add RPM Fusion to the repos like this:
su -c 'rpm -Uvh http://download1.rpmfusion.org/free/fedora/rpmfusion-free-release-stable.noarch.rpm'
su -c 'rpm -Uvh http://download1.rpmfusion.org/nonfree/fedora/rpmfusion-nonfree-release-stable.noarch.rpm'
Next to install Audacity run this:
su -c 'yum install audacity-nonfree'
This is for Fedora 14, found on these links:
Fedora Guide RPM Fusion
Fedora Guide Audio Editor Audacity
Hope this helps.
If you really need to compile the package from source, you'll need some more dedicated assistance. Let us know if you need to install from source and for what reason and someone will point you to the right commands and order.