Hi Ralph,
That is one full line:
#mirrorlist=http://mirrorlist.centos.org/?release=$releasever&arch=$basearch&rep... http://mirrorlist.centos.org/?release=$releasever&arch=$basearch&repo=addons
But as you can see, it's commented out, so it shouldn't even be read, right?
What does your mirrors directory structure look like? If you browse to http://192.168.10.10/repo/centos5/5/os Does it resolve properly? Is the Centos directory the next level down?