As you know, the Fedora team has released the latest offering of Fedora which is Fedora 7. It has been released as a liveCD as well as in the DVD format. These are the steps you go through while installing Fedora 7 using the liveCD installer.
Fig: Fedora LiveCD installer
Fig: Select the keyboard for your system
Fig: Choose the partitioning layout
Fig: Optionally, partition the hard disk by hand.
Fig: Install the grub boot loader
Fig: Choose to install grub either on MBR or on the first sector of boot partition (Optional step)
Fig: Configure and activate network devices.
Fig: Choose the time zone
Fig: Set the root password
Fig: Click the next button to begin installing Fedora 7