Instructions for Mac only.
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Install the latest version of PHP. I used a one liner from http://php-osx.liip.ch/. The package comes with many useful extensions (like PHPUnit)
curl -s http://php-osx.liip.ch/install.sh | bash -s 5.4 -
Add that version to your path in your bash profile
export PATH="/usr/local/php5/bin:$PATH" -
Confirm you are using the latest version