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This is slightly modified from the instructions found here (and I haven't even checked if they work):
Install the chkfontpath package from ATrpms (Click on either the i686 or x86_64 package, depending on whether you have a 32-bit or 64-bit machine).
As root, install some packages you'll need for the following steps:
 yum install rpm-build cabextract ttmkfdir wget
 
Download the MS Core Fonts Smart Package File:
 wget http://corefonts.sourceforge.net/msttcorefonts-2.0-1.spec
 
Build the Core Fonts package:
 rpmbuild -ba msttcorefonts-2.0-1.spec
 
Install the Core Fonts package:
 yum install --nogpgcheck /root/rpmbuild/RPMS/noarch/msttcorefonts-2.0-1.noarch.rpm
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