Edit the repo file /etc/yum.repos.d/CentOS-Base.repo and replace all base URL's or copy-paste the below content.
# CentOS-Base.repo
#
# The mirror system uses the connecting IP address of the client and the
# update status of each mirror to pick mirrors that are updated to and
# geographically close to the client. You should use this for CentOS updates
# unless you are manually picking other mirrors.
#
# If the mirrorlist= does not work for you, as a fall back you can try the
# remarked out baseurl= line instead.
#
#
[base]
name=CentOS-$releasever - Base
mirrorlist=http://mirrorlist.centos.org/?release=$releasever&arch=$basearch&repo=os
baseurl=http://vault.centos.org/5.11/os/x86_64/
#baseurl=http://mirror.centos.org/centos/$releasever/os/$basearch/
gpgcheck=1
gpgkey=file:///etc/pki/rpm-gpg/RPM-GPG-KEY-CentOS-5
#released updates
[updates]
name=CentOS-$releasever - Updates
mirrorlist=http://mirrorlist.centos.org/?release=$releasever&arch=$basearch&repo=updates
baseurl=http://vault.centos.org/5.11/updates/x86_64/
#baseurl=http://mirror.centos.org/centos/$releasever/updates/$basearch/
gpgcheck=1
gpgkey=file:///etc/pki/rpm-gpg/RPM-GPG-KEY-CentOS-5
#additional packages that may be useful
[extras]
name=CentOS-$releasever - Extras
mirrorlist=http://mirrorlist.centos.org/?release=$releasever&arch=$basearch&repo=extras
baseurl=http://vault.centos.org/5.11/extras/x86_64/
#baseurl=http://mirror.centos.org/centos/$releasever/extras/$basearch/
gpgcheck=1
gpgkey=file:///etc/pki/rpm-gpg/RPM-GPG-KEY-CentOS-5
#additional packages that extend functionality of existing packages
[centosplus]
name=CentOS-$releasever - Plus
mirrorlist=http://mirrorlist.centos.org/?release=$releasever&arch=$basearch&repo=centosplus
baseurl=http://vault.centos.org/5.11/centosplus/x86_64/
#baseurl=http://mirror.centos.org/centos/$releasever/centosplus/$basearch/
gpgcheck=1
enabled=0
gpgkey=file:///etc/pki/rpm-gpg/RPM-GPG-KEY-CentOS-5
#contrib - packages by Centos Users
[contrib]
name=CentOS-$releasever - Contrib
mirrorlist=http://mirrorlist.centos.org/?release=$releasever&arch=$basearch&repo=contrib
baseurl=http://vault.centos.org/5.11/contrib/x86_64/
#baseurl=http://mirror.centos.org/centos/$releasever/contrib/$basearch/
gpgcheck=1
enabled=0
gpgkey=file:///etc/pki/rpm-gpg/RPM-GPG-KEY-CentOS-5
Then save the file and do yum clean all
Try yum update, it will work !!!
