Installing memcached on cPanel is easier than expected. Follow these steps exactly and you will have a working version on memcache that you can use on your cPanel server and PHP install.
To adjust your memcache settings, edit: /etc/sysconfig/memcached
# yum install memcached
# service memcached start
# cd /usr/src
# wget
http://pecl.php.net/get/memcache-2.2.7.tgz# tar zxvf memcache-2.2.7.tgz
# cd memcache-2.2.7
# phpize
# ./configure
# make
# make install
# nano /usr/local/lib/php.ini
Add to the file near all the other extension = modules.
extension = "memcache.so"
# service httpd restart
# php -i | grep memcache