Upgrading PHP to the latest stable Verion on CentOS5

I reviewed the posts on the forums but it is still unclear to me: we need to upgrade PHP from our current 5.1.6 to the latest stable, recommended version. Unless we get to 5.2.+ we are blocked from upgrading XOOPS, Word Press, Zen Cart etc. We run

CentOS5 Kernal and CPU: Linux 2.6.18-8.el5 on i686; Apache version 2.2.3

Do we need to upgrade the OS and or Apache before we upgrade PHP? and where exactly is this bleeding edge repository?

Thanks!

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VirtualMin is itself is completely isolated from PHP, right? i.e. if the upgrade of PHP causes issues, VirtualMin will not be touched. (I believe you don't use any PHP, right?)

Yes, that is correct.