EDIT:Amended for new repo and 5.3.5
Instructions below to upgrade PHP to 5.3.5
Please note these are not the official packages, and have been put together by rpms.famillecollet.com/
for RHEL5 distributions (thank you!). I have rebuilt these so they install for ClearOS with the addition of two RPM's (libedit and sqlite2).
Thefore please consider these as beta / testing quality.
5.3.x is not entirely backwards compatible with older versions of PHP. Therefore if your application / website / scripts do not specify compatibility then it may break!
If you are a website developer then you may want to review the changes between 5.2 and 5.3 here
1. GET THE FILES
Setup the community repo per instructions HERE
yum --enablrepo=timb-testing upgrade php
service httpd restart
3. PHP VERSION INFO
Create a file called phpinfo.php in /var/www/html that looks like the following
Point your browser at mydomain.com/phpinfo.php