rpm -Uhv http://apt.sw.be/redhat/el5/en/`uname -i`/rpmforge/RPMS/rpmforge-release-0.5.1-1.el5.rf.`uname -i`.rpm

yum erase libdvdread

yum erase libcaca

yum clean all

yum --disablerepo \* --enablerepo base,updates,rpmforge install vlc

Refer to:  http://www.linuxquestions.org/questions/linux-newbie-8/vlc-installation-in-centos-5-4-a-866394/