inittab = initialization table, it tells the kernel how to setup the basic system run level, terminals, what script to run first.
See if you can come up in run level 5, edit your boot loader to be have the kernel line something like this.
# kernel /boot/vmlinux-2.6.11 5
If that doesn't work, try to come up with a bash shell running, so that you can find out what happened to /etc/inittab
# kernel /boot/vmlinux-2.6.11 init=/bin/bash
This will start the kernel but drop you at a bash prompt.