You recieve no output to the serial console. To correct this problem, you must modify the grub.conf and change the com port parameters to:

serial  --unit=1  --speed=115200

title RHEL5 i386 Xen (2.6.18-1.2910.el5xen)
root (hd0, 8)
kernel /boot/xen.gz-2.6.18-1.2910.el5 com2=115200, 8n1
module /boot/vmlinuz-2.6.18-1.2910.el5xen to root=LABEL=RHEL5_i386 console=tty console=ttyS1115200
module /boot/initrd-2.8.6.18-12910.el5xen.img

title RHEL5 i386 xen (2.6.18.-1.2910.el5xen
root (hd0, 8)
kernel /boot/xen.gz-2.6.18-1.2910.el5 com2=115200 console=com2l
module /boot/vmlinuz2.6.18-1.2910.el5xen to root=LABEL=RHEL5_i386 console=xvc xencons=xvc
module /boot/ititrd-2.6.18-1.2910.el5xen.img

These changes to the grub.conf should enable your serial console to work correctly. You should be able to use any number for the ttyS and it should work like ttyS0 .