It seems you don't have posix installed, which is odd... it is a normal php module enabled by default.

http://us.php.net/manual/en/ref.posix.php

I had a hangup with Godaddy, then i checked the PHP settings and found it by default was set for PHP 4. The work around was to open open the ".htaccess" file at the root of the install and add the following:

AddHandler x-httpd-php5 .php
AddHandler x-httpd-php .php4

Save it back in the root in the Silverstrip folder. I added a copy of this file to this post.

Then I closed the browser and waited for the cache to recycle (roughly every hour they reset at godaddy.com) and installed perfectly. One more thing you might check is that it is MySQL 5.0 vs. 4.1. They give you options for both, but by default is 4.1.

I hope that can help you along.

Sorry, posted twice. See new post in Bugs..

I followed the steps in the above given link but i am still getting the HTTP 404 not found error. This is what my .htaccess file looks like:

AddHandler x-httpd-php5 .php
AddHandler x-httpd-php .php4
RewriteEngine On

### SILVERSTRIPE START ###
RewriteCond %{REQUEST_URI} !(\.gif)|(\.jpg)|(\.png)|(\.css)|(\.js)|(\.php)$
RewriteCond %{REQUEST_URI} ^(.*)$
RewriteCond %{REQUEST_FILENAME} !-f
RewriteRule .* /sapphire/main.php?url=%1&%{QUERY_STRING} [L]
### SILVERSTRIPE END ###

I've silverstripe folder in my root directory. I would appreciate if someone could help me with this, thank you!