1) Make sure you have the following rpm-packages installed in your distribution. Any version should do.
2) # sudo yum install rpm-build cabextract
3) # wget http://corefonts.sourceforge.net/msttcorefonts-2.0-1.spec
4) # rpmbuild -bb msttcorefonts-2.0-1.spec
5) Note the path where the rpm is written and use it in the command below.
# rpm -ivh /usr/src/redhat/RPMS/noarch/msttcorefonts-2.0-1.noarch.rpm
6) Restart the windows manager by pressing Ctrl-Alt-Backspace.
Enjoy your new high quality fonts. To verify that the installation succeeded, please use the command 'xlsfonts | grep ^-microsoft'. You should see a whole lot of microsoft font names there. Please note that you need to restart all programs that you want to make aware of the new fonts.