Basically you need to install the new kernel RPM , modify /etc/grub.conf and reboot the server.
Use up2date service to get the new kernel and install it o download RPM manually and rpm -ivh
Latest RHE kernel is 2.4.21-9.0.1 ...
kernel-2.4.21-9.0.1.EL.i686.rpm
kernel-source-2.4.21-9.0.1.EL.i386.rpm
kernel-smp-2.4.21-9.0.1.EL.i686.rpm
See if you are using kernel-smp or normal kernel and once installed just go to edit the /etc/grub.cnf to see if the new kernel template has been added ... if not add it manually looking at how your old one is in grub.cnf:
Example of mine:
CODE
# grub.conf generated by anaconda
#
# Note that you do not have to rerun grub after making changes to this file
# NOTICE: You have a /boot partition. This means that
# all kernel and initrd paths are relative to /boot/, eg.
# root (hd0,0)
# kernel /vmlinuz-version ro root=/dev/sda3
# initrd /initrd-version.img
#boot=/dev/sda
[b]default=0[/b]
timeout=3
splashimage=(hd0,0)/grub/splash.xpm.gz
[b]title Red Hat Enterprise Linux ES (2.4.21-9.0.1.ELsmp)
root (hd0,0)
kernel (hd0,0)/vmlinuz-2.4.21-9.0.1.ELsmp root=/dev/sda3
initrd (hd0,0)/initrd-2.4.21-9.0.1.ELsmp.img[/b]
title Red Hat Enterprise Linux ES (2.4.21-4.0.2.ELsmp)
root (hd0,0)
kernel (hd0,0)/vmlinuz-2.4.21-4.0.2.ELsmp root=/dev/sda3
initrd (hd0,0)/initrd-2.4.21-4.0.2.ELsmp.img
title Red Hat Enterprise Linux ES (2.4.21-4.0.2.EL)
root (hd0,0)
kernel (hd0,0)/vmlinuz-2.4.21-4.0.2.EL root=/dev/sda3
initrd (hd0,0)/initrd-2.4.21-4.0.2.EL.img
default=0 means it will load the first kernel found on the grub file, and as you see, the new installed kernel (bold section) is first.
Save /etc/grub.cnf and reboot server ... then just check if new kernel is being used ( uname -a )