I'm running FC4 for a week or so and found that the easiest way to install the latest VLC was through freshrpms which you could find here:
http://stentz.freshrpms.net/rpm.html?id=335.
However, it would be much easier if you installed the yum addon of fresh rpms from here:
http://ayo.freshrpms.net/ (go to the yum section, download, and install the rpm). Finally, go to the shell and issue the command "yum install *videolan*" (you have to be root). This would check all the dependencies of vlc and install them all.
I hope this helps.