It's a hard day's night...

1. download win32codec
You can find here.
Download "essential codecs package", and then uncompress in /usr/lib/win32 or /usr/local/lib/win32

2. update your wxGTK to >2.6.2 (use freshrpms, suggested)

3. install dependencies
yum install libdvbpsi-devel mpeg2dec-devel libmad-devel libdvdnav-devel libdvdcss-devel a52dec-devel flac-devel freetype-devel libid3tag-devel libogg-devel libtheora-devel libvorbis-devel zlib-devel faad2-devel

4. download ffmpeg
$cvs -z9 -d:pserver:anonymous@mplayerhq.hu:/cvsroot/ffmpeg co ffmpeg
$ cd ffmpeg ; ./configure --enable-pp --enable-gpl ; make

5. download the newest vlc source here
Uncompressed first, and then use the following command
$ ./bootstrap ; ./configure --with-ffmpeg-tree={the dir you put ffmpeg} --enable-faad
--with-faad-tree=../faad2-20040923 --enable-esd --enable-flac
--enable-theora --disable-hal
$ make

ENJOY IT!!