[Dovecot] Daemon will not start, invalid argument in stat of base_dir (error within)

Running CentOS 5 and Dovecot 1.2.16

Receiving error:

Error: stat(/var/run/dovecot) failed: Invalid argument

Fatal: Invalid configuration in /etc/dovecot.conf

I've put the default dovecot.conf in place and still get the same thing. I've tried removing the /var/run/dovecot folder and letting it re-create it with no success. It creates the /var/run/dovecot folder but that is all. I've tried setting the base_dir to /tmp/dovecot to test and get the exact same error.

I'm at a loss as are many other people so am hoping someone here might be able to help!