Let's see... It's mounting the CD as your root filesystem, then failing to remount your original root filesystemas /initrd, then unmounting and freeing it. Then it can't open an initial console, and can't run init.
Well, it's trying to run /sbin/init, which is the first program the kernel will run. Init is supposed to take care of getting all other user processes running, so if it's not there, nothing will happen. Is there a /sbin/init program on that CD?
Every distro does their boot process a bit different, and I don't know how Yellow Dog's works. Are you booting from a floppy, then the CD, or directly from the CD? Can you capture the entire boot sequence output, especially the part where it mounts your initial ramdisk and root filesystem?