This was the error that I was getting when I tried to mount my NTFS partition in CentOS5.3 final. I tried to search for a solution for one full day but I couldnt find a solution. Finally I got a forum where it was suggested that this is basically a mismatch of kernel-headers and kernel modules. So I tried to find the kernel-modules which matched my kernel-headers version. However even after I tried to install the correct version of kernel-modules, I still faced the same issue. Hence I finally gave up and decided to upgrade my kernel to the latest stable version.
So when I updated my kernel to 2.6.18-164.15.1.el5, and I rebooted, I could easily mount the NTFS partion.