Run multiple versions or upgrade PHP on Plesk 9.0.1 and CentOS 5

I'm currently running Plesk 9.0.1 on CentOS on a 1and1 virtual server (I have full root access). I use the Zend Framework for PHP and it requires version 5.2.8 or later, the current version of PHP on the server is 5.1.6.

I really want to upgrade the PHP to the latest version 5.2.9. Is it easy and risk free to do? Bare in mind it runs Plesk and my applications, which can have zero downtime.
The other option is to install it as CGI and run it only on a few virtual servers.

Or can someone suggest a better option? Thanks.
stmayesAsked:
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orkinoksConnect With a Mentor Commented:
Hi;
I have replied the same question before in here
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louislietaerCommented:
Hello,

you could use chroot option for installing the new environment

http://en.wikipedia.org/wiki/Chroot
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