Lighttpd cannot create php-fastcgi.socket
Check that lighttpd has permission to write to /var/run/lighttpd
Got Fixed with following changes:
mkdir /var/run/lighttpdtouch /var/run/lighttpd/php-fastcgi.socketchown -R lighttpd:lighttpd /var/run/lighttpd
Where lighttpd is the username.
Updating socket in lighttpd.conf to point to /var/run/lighttpd/php-fastcgi.socket solves the problem.
unix:/var/run/lighttpd/php-fastcgi.socket-0 No such file or directory
The answer is
mkdir -p /var/run/lighttpd/
chown lighttpd /var/run/lighttpd
See http://www.kernelhardware.org/lighttpd-and-centos-5/