Remove old Vmware tools for Operation System Specific Packages (OSP version).

# yum remove vmware-* -y
# rpm -e --noscripts vmware-open-vm-tools-xorg-drv-mouse-12.4.3.0-0.208167.el5
# rpm -e --noscripts vmware-open-vm-tools-xorg-drv-display-10.15.2.0-0.208167.el5

Update Vmware repository

# cd /etc/yum.repos.d/
# vi vmware-tools.repo
Change repository from EXS4.0 to 4.1:
baseurl=http://packages.vmware.com/tools/esx/4.1/rhel5/x86_64
gpgcheck=1

Get rpm package key from Vmware:

# cd /tmp
# wget http://packages.vmware.com/tools/keys/VMWARE-PACKAGING-GPG-RSA-KEY.pub

Install GPG key:

# rpm --import VMWARE-PACKAGING-GPG-RSA-KEY.pub  

Install new vmware-tools

# yum install vmware-tools -y
# service vmware-tools restart

Vmware OSP install document:

http://www.google.dk/url?sa=t&source=web&cd=1&ved=0CBcQFjAA&url=http%3A%2F%2Fwww.vmware.com%2Fpdf%2Fosp_install_guide.pdf&ei=LIJ_TaW5McqRswa08oTjBg&usg=AFQjCNHONN3oGw-k7rUa7ChE_vMqYUIpog