By default this distro does not support non-free codecs. After a quick google search I found this quick and easy solution to add audio and video codecs to my Fedora install. Thanks again Tech Jaws.
In a root terminal run these commands
rpm -Uhv http://download1.rpmfusion.org/free/fedora/rpmfusion-free-release-rawhide.noarch.rpm http://download1.rpmfusion.org/nonfree/fedora/rpmfusion-nonfree-release-rawhide.noarch.rpm
yum install gstreamer-plugins-bad gstreamer-plugins-ugly
That should do it! Full MP3 support!
[UPDATE] I noticed that MP3 support wasn’t working in Amarok so after some googling I corrected this problem by also installing the following.
yum install libtunepimp-extras-nonfree
yum install xine-lib-extras-nonfree