The second phase of the lilo loader isn't where it is supposed to be. Make sure that the currect drive is active.
If you boot up with the first install disk, and enter the option "rescue", you can try to fix things that way.
Select the menu option to mount the system under /mnt. After that, cd to /mnt, and then use the chroot command so that the root partition is your normal root (/) partition:
Now your paths should be set up normally.
Take a look at how your system is partitioned:
Also look at your /etc/fstab file. Compare the two listings and fix any mistakes.
Double check the contents of /etc/lilo.conf. Fix any errors and then update lilo:
Look at what is output. If one of the partitions listed in /etc/lilo.conf isn't listed or there is a syntax error, then the update will be aborted, and you need to fix the problem and rerun the lilo command. One possible cause of the problem is that there was an error rerunning lilo and so the MBR wasn't update with the changes.
Another thing to check is the boot order of the hard drives. If you have more than one drive, make sure that the correct one is listed first. Some computers let you select which drive to boot from on the fly. Sometimes it is the F3 key.