For whatever reason the current OpenVZ yum repo file enables the RHEL6 version of OpenVZ, why is this bad? Because if you're running Centos 5 it still defaults to using the kernel from RHEL6 which won't work on RHEL5/Centos 5.
Ionly realized this after wondering why I couldn't boot into OpenVZ that it was using one meant for RHEL6.
To fix the problem you have to edit /etc/yum.repos.d/openvz.repo and disable the "[openvz-kernel-rhel6]" section by changing........