How to install and configure latest Oracle JDK in Fedora

Most parts of this How-To have been taken from http://www.if-not-true-then-false.com/2010/install-sun-oracle-java-jdk-jre-7-on-fedora-centos-red-hat-rhel/

1. Check Java version
   $ java -version
java version "1.7.0_05-icedtea"
OpenJDK Runtime Environment (fedora-2.2.1.fc17.9-x86_64)
OpenJDK 64-Bit Server VM (build 23.0-b21, mixed mode)