I have a centos 5.3 server with a xen-kernel which you can find on any default installation of centos.
I've done the following step to install virtualbox:
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# yum groupinstall 'Development Tools'
# yum groupinstall 'Development Libraries'
# yum install SDL kernel-devel kernel-headers kernel-xen-devel
# rpm -ivh --nodep VirtualBox-2.1.2_41885_rhel5-1.x86_64.rpm
I have had the same problem when the first time I have done /etc/init.d/vboxdrv setup