The repository with spec file as well as the installation description can be found at Github.
yum install gcc-c++ openssl-devel
wget -P ~/rpmbuild/SOURCES http://nodejs.org/dist/v0.8.21/node-v0.8.21.tar.gz
wget -P ~/rpmbuild/SPECS https://raw.github.com/vibol/node-rpm-spec/master/nodejs.spec
Modify spec file to match current version.
rpmbuild -ba ~/rpmbuild/SPECS/nodejs.spec
rpm -ivh rpmbuild/RPMS/x86_64/nodejs-0.8.21-1.x86_64.rpm
init.d script can be found here. You would also need to modify it for your application.