Well, some good and bad progress, I updated both php and mysql to the latest using yum as stated here:
http://www.atomicorp.com/wiki/index.php/PHP
for php, the only issue was the ioncube load and fixed by manually copying the file
ioncube_loader_lin_5.2.so and editing the file /etc/php.d/ioncube.ini to pint to ioncube_loader_lin_5.2.so file.
Now php updated to 5.2.6 seems working fine.
Mysql 5 also seems working fine.
Please admin can not start, here is the error:
ERROR: PleskFatalException
bad column in table: `backup_time` time NOT NULL default '00:00:00',
0: /usr/local/psa/admin/plib/common_func.php3:108
psaerror(string 'bad column in table: `backup_time` time NOT NULL default '00:00:00',')
1: /usr/local/psa/admin/plib/SQLParser.php:128
SQLParser->parseError(string ' `backup_time` time NOT NULL default '00:00:00',')
2: /usr/local/psa/admin/plib/SQLParser.php:114
SQLParser->_parseLineInTable(string ' `backup_time` time NOT NULL default '00:00:00',')
3: /usr/local/psa/admin/plib/SQLParser.php:45
SQLParser->parseLine(string ' `backup_time` time NOT NULL default '00:00:00',', integer '16')
4: :
array_walk(array, array)
5: /usr/local/psa/admin/plib/SQLParser.php:16
SQLParser->getArray(array)
6: /usr/local/psa/admin/plib/SQLParser.php:23
SQLParser->handleDatabase()
7: /usr/local/psa/admin/plib/MySQL5FixBinaryColumns.php:24
MySQL5FixBinaryColumns::run()
8: /usr/local/psa/admin/auto_prepend/auth.php3:96
Any words on this, will digg more also...