Thank you! I did send a follow up email to Dreamhost and they manually fixed it for me with the following explanation:
Your .htaccess had some handlers that needed to be commented out as no version lower than php 5.3 is supported. I have now commented these handlers out for you:
#--- DH-PHP handlers ---
#AddHandler fastcgi-script fcg fcgi fpl
#AddHandler php-fastcgi .php
#Action php-fastcgi /cgi-bin/dispatch.fcgi
I appreciate your reply! Thank you!