Is there a software I can use to display on a terminal that would display traffic or log information to a display terminal. I have CentOS on all my boxes. I would like to have a terminal up and have it show things like requests to the DNS servers, apache or maybe anything else. Especially errors. I know if I had something just displaying live from the web server it would go by so fast you couldn't see it so I would have to slow it down or something. Any ideas?

One can always open a terminal and run "tail -f <logfile>" which will show log entries as they appear for the specified log.

However, as you noted, this isn't optimal except when you're troubleshooting an issue live because:
1) The logs might be scrolling by too rapidly for you to catch anything useful.
2) Most people can't dedicate someone to sit and watch a terminal on the off chance an error occurs.

There is a tool called "logwatcher" that can be configured to look for specific events and notify you if they occur. If you do a Google search for it you can find more information on it.