This error has teased me a lot too.
After having looked in var/log/mysqld.log I concluded that the sock message is wrong and it is caused by an incomplete install procedure:
011028 22:16:25 mysqld started
011028 22:16:25 /usr/libexec/mysqld: Table 'mysql.host' doesn't exist
011028 22:16:25 mysqld ended
The 'missing table' made me run the script mysql_install_db. I still got the silly sock error, but now mysqld stated:
011028 22:54:22 mysqld started
011028 22:54:22 /usr/libexec/mysqld: Can't find file: './mysql/host.frm' (errno: 13)
011028 22:54:22 mysqld ended
A search of the web quick told me that this error was caused by owner not being 'mysql'.
So I changed host.frm's directory and all its files with chown, and now I can start the mysql deamon.
Of course I immediately found that my PHP extention to Apache did not have mysql support installed and active, so I still have things to improve.
The lesson learned, I think, is that I have been too sloopy with selection of extra packages when installing RedHat 7.2.
I could not make the boot process 'full of OKs' so I reinstalled several times with LILO problems in mind and not mysql in mind.
So now that I have given up LILO in favor og the new multi boot loader from RH7.2, I will make yet another reinstall og my RH 7.2 workstation and really be carefull to mark all PHP and MySql packages.