So finally my site is done in Drupal. I had to go through the steps of making some basic configuration in Apache which was not bad. The only thing to be aware of if anyone planning to use CentOS 5 as it comes with PHP 5.1.* so to upgrade PHP to 5.3.* you dont need to install any third party package as per Red Hat release notes there's now PHP 5.3.* packages included in Centos 5. So just remove PHP 5.1.* version and install PHP 5.3.* .
yum remove php-*
Install PHP 5.3
yum install php53-cli
yum install php53-common and few more............