Hello and Welcome to LQ,
First of all you have to realize that Sendmail doesn't offer POP3 services. Sendmail is only a SMTP server that sends out your mail. If you want a 'fullblown' operational mailserver you'll have to go beyond just sendmail.
Have a look at
http://www.howtoforge.com. Under the CentOS directory you have a lot of HowTo's that guide you step by step. Look for the ones with Postfix, Courier, MySQL, Squirrel, for example.
Postfix - To send out mail, relay. It's a MTA (Mail Tranfer Agent)
Courier - To provide IMAP/POP3 services
MySQL - Save to database instead of files
Squirrel - Webmail functionality
That should get you going.
Kind regards,
Eric