To Import project you need to start android studio which you already downloaded, Once android studio start follow below steps to import project in android studio.
First of all goto the location where you have placed WP News application Code.
Please extract zip file in same location
Now select "Import Project (Gradle, Eclipse ADT, etc.)" from Android Studio.
Browse location where you have placed WP News Code and press "OK" button.
Now wait till android studio complete the Importing project successfully.
By clicking on import project you will get file browser dialog, select you code location and press OK button.