I’ve tried on several versions of Fedora but never really been able to install Truecrypt. Either it’s resulted in lots of errors or I’ve given up after getting tired of fruitless searching and reading.
At last I’ve found a guide that’s not too long and works!
It’s written for Truecrypt 6.2 on Fedora 11 but worked perfectly for me with Truecrypt 6.3a on Fedora 12:
Of course, it would be best if Truecrypt was available in Linux repositories but from what I understand, the way it’s written makes it very difficult for distros to package and maintain. Even so, the greatness of Truecrypt still makes it worth doing yourself.