You could set up a chrooted environment for these scripts to run in. Not absolutely waterproof, but a lot better than potentially giving access to your entire filesystem.
This article contains lots of info on how to get certain services running correctly inside your chrooted environment, it also contains a link to a best practices document concerning the correct usage of chroot.
Now, php also has a chroot command, it might be possible to tinker some kind of "sandbox" that's "good enough" for your purposes by using that function.
Anyways, although chroot can help tremendously to protect your system during the execution of foreign code you should remain very careful, and the basic rule is to provide as little services and facilities inside the chrooted environment as possible. In that context, the SO article pointed to by Emilio Gort contains a (very long) list of exploitable functions, probably most or all of these should be blocked by using the disable_functions
setting in php.ini