fxef79 you are a genius. Your recommendation of replacing the kernel was magical. I had all the other stuff ( noapic nosmp nolapic clock=pit acpi=no) as was recommended by every site on the topic. However as you noted it made little difference.
I now have the kernel replaced with a slightly older version, but it is compiled at 100mhz. So far everthing is working, and working right as far as I can tell. I will test everything further, but unless I repost you can assume that it all works.
EV
note here is the what I did for all you other noobs (like me) who want to do this too.
1) follow fxef79's link to the centos kernel download page.
2) find a location to save it, I chose /home, so cd /home
3) download it from your CacitEZ session with wget
note: I am using the smp version since I have dual procs, if you do not then take the non smp kernel.
4) Install the rpm
rpm -i --force /home/kernel-smp-2.6.9-55.0.2.EL.100HZ.i686.rpm
I had to use --force since it is older than all the other kernels already included with CactiEZ.
5) finally edit
/etc/grub.conf to verify it is changed, the first kernel should now show the new kernel name. Make sure it looks like this
title CentOS (2.6.9-55.0.2.EL.100HZsmp)
root (hd0,0)
kernel /vmlinuz-2.6.9-55.0.2.EL.100HZsmp ro root=LABEL=/ noapic nosmp nolapic clock=pit acpi=no
initrd /initrd-2.6.9-55.0.2.EL.100HZsmp.img
note the bold part incase you did not have that before it is the suggested fix for this problem according to VMware and most others online, it can't hurt to have.
6) Reboot
Thats it. Once it comes back up it should be happy and working.
For everyone who already knew how to do this I want you to know that there is a surprising lack of detailed information on how exactly to accomplish this online.
Many thanks to cigamit for pointing me in the right direction. Perhaps he could add this kernel as an option in future CactiEZ releases.