You could download the source package from http://www.erlang.org/download.html, then follow the README in the package and install. You will need at least these packages: ncurses-devel, openssl-devel, unixODBC, java-1.xx-openjdk-devel.
Or, you could use the pre-packaged ones. On CentOS 5, you can install the fedora repos, and then yum install the Erlang from there:
# rpm -Uvh http://download.fedora.redhat.com/pub/epel/5/i386/epel-release-5-3.noarc...
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