And you are doing these two steps from the megasr_DUD_readme.txt?
upgrade the rpm with --force option.
rpm -Uvh lsi-megasr-kmp-15.00.0329.2012-1_3.0.13-0.27.x86_64.rpm --force
Create new initrd image using the mkinitrd command and update the grub.conf.
(Take a backup of original initrd image to avoid OS corruption in case of failures)
I'll check around and see if there is a driver intended to work with kernels newer than 3.0.76-0.11.1