Alright - thanks for the info. When I upgrade I will use those repositories.
Unfortunately, I'm paying for a hosted solution that is a virtual dedi. I don't actually have a server of my own and virtual software on it, so I don't have control over it as far as I know (I did have a server that had a Virtuozzo panel on it, although I never did anything with it so I'm not sure if that is what I would need).
I think the only way for me to migrate would to get another hosted solution with CentOS5 somewhere and request a refund for unused time on this server. However, I'd rather just update php and mysql than switch servers completely again as I can't imagine it would be more work. I recently switched servers because I wanted to get off of fedora core and switched to CentOS.
Based on what I've read, updating php doesn't seem to be all that difficult. You mainly just make sure you have a good repository listed and run a few commands. The only part that I fear is errors that could arise because of it. I don't know what files actually get updated, if any configurations will need to be changed so the site continues to function as it is, etc.
The scripts SHOULD be ok for php5, although I'm not certain of that either.
I've downloaded CentOS4.6 and will install it in a VMWare virtual machine on my work computer. Will this suffice for playing around with the update process and checking to see if my site still works? I imagine during the install I will have the option to install it with the standard server packages - at least this happened with Debian and Fedora Core when I installed them. Once I do that it should pretty much be as my live server online is now as I haven't really done anything with the live server, correct?