Installing VLC Player in RHEL5 is still a perpetual R&D for me. You can find packages once you get into the vlc player website. But that is not fruitful to install VLC into RHEL5, however you can download the packages that is for our personal and professional R&D.
Packages can be downloaded from the following link, however these have some dependencies.
So It is not the full solution to install the VLC Player in RHEL5. The problem persists, even if you go for Linux forums.
VLC developers has to provide a proper solution to fix this up.
Anyway try this following link out for your machine, it would be the good R&D in RHEL5.
If not try the torrent link for downloadin VLC for Redhat Enterprise Linux.