Scott Murphy

Prerequisites:
packages gcc, zlib-devl, and perl-ExtUtils-MakeMaker, and python-devel must be installed.

yum install gcc
yum install zlib-devel
yum install perl-ExtUtils-MakeMaker
yum install python-devel

First, let's build git. I am assuming you want it installed for all users so let's switch to root and build it:
su -
cd /usr/local/src
wget http://kernel.org/pub/software/scm/git/git-1.7.1.tar.gz
tar xvfh git-1.7.1.tar.gz
cd git-1.7.1
./configure
make
make install

Now, verify the install:
git --version

You should see:
git version 1.7.1