I have written an article on my blog on how to install Wordpress 3.1+ on Centos 5.5. With this article, it should take you about 5 to 10 minutes to get Wordpress installed. Also, if you have any questions, you can always send me an email or a comment and I try to get back to everyone.
How to Install Wordpress on Centos
I hope this helps everyone out that has any questions on this installation and this is totally and completely free. I struggled in the beginning for a good article so after I got everything installed, I posted this so nobody else has to struggle.