Hello,
You can install Free Type (TTF) , it will not affect existing functions of server. You have to recompile apache and in 30 minutes it will be installed.
Follow these steps ::
1. Login to WHM
2. Follow the tab " Main >> Software >> EasyApache (Apache Update)"
3. Don't make any change in first five steps
4. Step 6 for the PHP Exhaustive Options list, select GD and FreeType,
5. Select "save and build the new profile."
Hope this will help you.
taken from - http://forums.webhosting.uk.com/cloud-hosting/7801-how-install-gd-library-cpanel.html