Hmm I once saw this after a lightning-strike burned out some RS-232 ports on a serial multiplexer we had at work. (An IntelliPort-II 16 port multiplexer)
Do you have some kind of serial multiplexer connected? Are you sure (if you have) that its hardware is okay?
Did you change or add anything to your system? Messed with any config files? The error messages you list also seem to indicate that /sbin/agetty does not exist or is not readable.
The "respawning too fast" indicates that init is not successfully getting the TTY started, and is retrying too quickly too many times - it is them suspened to prevent a race condition.
Last edited by rylan76; 10-19-2009 at 06:05 AM.