From Fedora Project Wiki

Installing Software from an Isolated Package

Use repositories and the standard yum commands to locate and install new software, unless the software package is not available from any repository. In these cases, use the localinstall function to install the software from the package file.

Public Key is Required
Ensure that the public key for the package source has been imported before you install a package without a repository. Refer to Configuring Access to Software Repositories.

Enter this command to install the package tsclient-0.132-4.i386.rpm:

su -c 'yum localinstall tsclient-0.132-4.i386.rpm'

At the prompt, enter the root password.

Previously Installed Software is Updated
If the package provides a later version of software that is already installed on your system, yum updates the installed software.

If the package requires software that is not installed on your system, yum attempts to meet the dependencies with packages from the configured repositories. You may need to manually download and install additional packages in order to satisfy all of the dependencies.

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Maintaining Manually Installed Software
If you install software that is not provided by a repository, yum update cannot automatically upgrade it as new versions become available. To ensure that you have the latest packages, subscribe to e-mail or RSS services that notify you when new versions are released.
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