To install ImageMagick to your VPS you just do:
yum install ImageMagick
yum install ImageMagick-devel
yum install php-pear
mount -o,remount,rw,exec /var/tmp
pecl install imagick
mount -o,remount,rw,noexec /var/tmp
You can see all the formats accepted by ImageMagick by clicking here.
Any problems please contact support.