Before we install memcached we need a dependency library libevent. Check for latest stable version at http://monkey.org/~provos/libevent/
cd /usr/local/src wget http://monkey.org/~provos/libevent-1.4.13-stable.tar.gz tar -xzvf libevent-1.4.13-stable.tar.gz cd libevent-1.4.13-stable ./configure --prefix=/usr/local make make install cd ..
Now lets install memcached. Check for latest stable version at http://memcached.org/
wget http://memcached.googlecode.com/files/memcached-1.4.4.tar.gz tar -xzvf memcached-1.4.4.tar.gz cd memcached-1.4.4 LDFLAGS='-Wl,--rpath /usr/local/lib' ./configure --prefix=/usr/local make make install
More information about LDFLAGS http://en.wikipedia.org/wiki/Linker
Run memcached as a daemon. Basic options: d = daemon, m = memory, u = user, l = IP to listen to, p = port
memcached -u root -d
or
memcached -u root -d -m 512 -l 127.0.0.1 -p 11211
To stop daemon type
pkill memcached
Now we’re off to installing php extension memcache.

[...] installing memcached daemon we have to install memcache PHP [...]
[...] last two posts I described how to install memcached daemon and memcache extension for PHP. Today I’ll show you how to configure your PHP to use [...]
“yum install memcached”, you do not need to compile from source! always try the package manager first, it will install all prerequisites.
Correct, but I happened to have to install memcache on a server where it wasn’t in the allowed yum repository.