With cPanel, you do not need to recompile the whole easyapache to get your PHP or suEXEC to be run, you may easily get the PHP work with the rebuild_phpconf script to update the php.conf file.
To see a list of all options and arguments for the script, you may type the following from the command line,
If you wish to use PHP 5, CGI handler and enable suEXEC, you might type as,
/usr/local/cpanel/bin/rebuild_phpconf 5 cgi cgi 1
If you wish to use PHP 5, suPHP and enable suEXEC, you might type as
/usr/local/cpanel/bin/rebuild_phpconf 5 suphp suphp 1
The available PHP handler is as cgi, dso, none, fcgi and suphp.