Maybe your bootloader isn't telling the kernel where the root parition is, so it can't find /sbin/init
verify that /sbin/init is avaiable (maybe using a live CD and mounting the partition to find it)
then check your boot loader
verify that the line kernel:
(these instructions for GRUB only, i don't know LILO)
Quote:
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kernel [path to kernel]/vmlinuz[version #, if applicable] root=[root parition, or parition with /sbin/init]
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now i could be very wrong about the diagnosis, but since this should be an easy fix if your bootloader is corrupted, you might as well try this first
