VirtualBox 4.2.16 On Centos

1. Login as Root
su
su -i

2. Install RHEL Repo Files

 wget http://download.virtualbox.org/virtualbox/rpm/rhel/virtualbox.repo

3. Update Lates Package and check your kernel version

yum update

rpm -qa kernel |sort |tail -n 1

uname -r

 Note: If you got kernel update or run older kernel than newest installed then reboot:

reboot

4. Install Following dependency packages

rpm -Uvh http://dl.fedoraproject.org/pub/epel/5/i386/epel-release-5-4.noarch.rpm

5. Install Virtual Box Lates Version 4.2

 yum install VirtualBox-4.2

 Rebuild kernel modules with following command:

etc/init.d/vboxdrv setup
## OR ##
service vboxdrv setup

6. Add VirtualBox User(s) to vboxusers Group

 Replace user_name with your own user name or some another real user name.

usermod -a -G vboxusers user_name

7. Start VirtualBox

Go application 

For Troubleshooting

## Current running kernel on CentOS and Red Hat (RHEL) ##
KERN_DIR=/usr/src/kernels/`uname -r`-`uname -m` 

 KERN_DIR=/usr/src/kernels/2.6.18-194.11.1.el5-x86_64

 ## Export KERN_DIR ##
export KERN_DIR

Source :  http://www.if-not-true-then-false.com  (Thanks )