Often we encounter problems when hosting Drupal site on shared servers like webfaction. The PHP version that we used while development of the site is not there on the hosting server. If you are using webfaction then the steps below can be used to switch your site's PHP version.
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At sparxsys we use different flavors of Linux operating system like ubuntu, centos and fedora. Most of our servers where we host our Drupal sites are run on Cent OS machines. On all these operating systems for website development there is a need to have Apache, PHP and MySQL installed.
We went to Sagar Ratna on 31st Aug for lunch, Hemant Gupta was working with us as an Intern in our company. He is a B-Tech (CSE) 2nd year student. He worked on "Sparxsys Issue Tracker" which is an online tool for keeping track of Issues from various clients.