Loading module "oracleasm": failed Unable to load module "oracleasm"

If you've downloaded Oracle ASMLib rpms for an older RHEL5 kernel and try to load them over a newer RHEL5 kernel, you'll see this issue:

Loading module "oracleasm": failed
Unable to load module "oracleasm"

Here's what you need to do:

[root@chirac1 ~]# /usr/lib/oracleasm/oracleasm_debug_link 2.6.18-164.el5 2.6.18-274.el5
[root@chirac1 ~]#

Where, 2.6.18-164.el5 is the ASMLib already installed on the machine (which belongs to an older kernel) &  2.6.18-274.el5 is the Kernel running on the machine.

[root@chirac1 ~]# oracleasm init
Loading module "oracleasm": oracleasm
Mounting ASMlib driver filesystem: /dev/oracleasm

Post this you should be able to proceed normally with creation of Disks.