Fatal error: Call to undefined function: preg_replace() in /home/simplysy/public_html/includes/bootstrap.inc on line 261

Im trying to install the latest version of drupal 5. After upload as soon as I visit my site I get "Fatal error: Call to undefined function: preg_replace() in /home/simplysy/public_html/includes/bootstrap.inc on line 261"

I'm running centos enterprise 4.6
php 4.4.8
mysql 5.0.45

I've got a feeling it has something to do with re::engine::PCRE not being installed on my server. I have tried to install it but it's telling me I need version 5.9.5 of perl, could that be right?