Step 1: Add the livna Repo
wget rpm.livna.org/livna-release-9.rpm ; rpm -ivh livna-release-9.rpm
Step 2: Add the Macromedia Repo
wget http://linuxdownload.adobe.com/adobe-release/adobe-release-i386-1.0-1.no... ; rpm -ivh adobe-release-i386-1.0-1.noarch.rpm
Step 3: Install Multimedia Applications
yum -y install gstreamer-ffmpeg gstreamer-plugins-bad gstreamer-plugins-bad-extras gstreamer-plugins-ugly flash-plugin libflashsupport
you should now have full multimedia and video support for all popular formats. If you experience any issue feel free to post a reply.
Added the package [libflashsupport] due to flash video's having no audio.