This is untested, but should work:
$counts = array();
foreach ($array as $value) {
if (!isset($counts[$value])) {
$counts[$value] = 0;
}
$counts[$value]++;
}
arsort($counts, SORT_NUMERIC); // sort by count, highest first
reset($counts); // make sure index is at start
echo "The most frequently occuring item is ".
key($counts)." which occurs ".
value($counts)." times.";
On preview... I think you can replace the above foreach loop with $counts = array_count_values($array), as lilleman suggests.