#the path of the rpms(as well as the debug and repo data folders)
/media/fedora-c5-errata 200610031232/fedora/linux/core/updates/5/i386/

#What I've added to yum.conf so far....

[updates]
name=Fedora Core Linux $releasever - $ basearch - updates
baseurl=file:///media/fedora-c5-errata 200610031232/fedora/linux/core/updates/5/i385/$basearch
gpgcheck = 1