When installing memcached on my CentOS 5.2 box using the rpmforge repo, I found apache/php complaining of API version problems.
To get round it I first used PECL to install memcached, then used yum to set memcached to work nicely with the Redhat style environment.
# pecl install memcache
# yum --enablerepo=rmpforge install memcached
# yum install php-pecl-memcache
Thinking back, I believe I needed libevent, libevent-devel, zlib and zlib-devel to get the PECL install to work too.
# yum install libevent libevent-devel zlib zlib-devel
I saw the errors initially when version checking PHP.. after restarting apache the following command seems happy…
# php -v
and there are a couple of config files you can play with here…
/etc/sysconfig/memcached
/etc/php.d/memcache.ini
Happy speed hunting!