I googled for this, but I could not get a clear solution for my problem.
I have compiled a new kernel for my Slackware. Using 2.4.32 before I wanted to upgrade too 188.8.131.52
I did, and got following error when trying to boot the badboy:
VFS: Cannot open root device "301" or unknown-block(3,1)
Please append a correct "root=" boot option
Kernel panic - not syncing: VFS: Unable to mount root fs on unknown-block(3,1)
So, I use ext2 as my fileformat. And here are my output of cat /etc/lilo.conf