Install the rpm: rpm -ivh daemontools-0.76-JL1.i386.rpm. This installs all the daemontools binaries in /usr/local/bin and creates the /service directory.

Then configure init to run the svscan program by adding SV:123456:respawn:/usr/local/bin/svscanboot to /etc/inittab. kill -HUP 1 tells init to reload it's config.

svscan will now be watching /service for any daemontools compatible programs to launch and supervise.

More information on daemontools can be found on djb's website.