You can see exactly what's happening simply by running Shoutcast directly from the command line, like so:
/usr/local/centovacast/shoutcast1/sc_serv
Most commonly, you'll see an error message such as "Bad ELF interpreter","No such file or directory" or something of the sort, which simply means that you'll need to install a Glibc that is compatible with 32 bit binaries (as the Shoutcast v1 binary is only available for 32 bit).
The way of installing Glibc for 32 bit varies depending on your Linux distribution.
For CentOS 5.8+ and later run this:
yum install glibc.i686 (or if it doesn't work try "yum install ld-linux.so.2")
For older CentOS, RedHat:
yum install lib32-glib
For Debian 6.x and older:
apt-get install ia32-libs
For Debian 7 and later:
apt-get install libc6-i386