You will probably lose all of your audio if you erase pulseaudio
The video/audio applications pass their audio output to pulseaudio, so you pretty much need the audio daemon to be installed. There are ways to remove pulseaudio and pass the audio directly to alsa, or use jack audio, but it's easier to use pulseaudio.
It is quite a bit more complicated to remove pulseaudio than just a
yum erase pulseaudio You do that, and you will probably remove most of your system with it.
You can update to the newer version (3.0) of pulseaudio in Fedora 18 if you wish to. There is a repo available that has the 3.0 backport to f18 in it.