two days ago i had a power supply problem in linux box running Red Hat EL 4.4. I got it repaired and now when I try to boot the system, I get the message
mkrootdev: label /1 not found
mount: error 2 mounting ext3
mount: error 2 mounting none
switchroot: mount failed: 22
unmount /initrd/dev failed:2
kernal panic not syncing attempted to kill init!

I have three STAT hard disks having very important data, how can i recover the os or at least recover data,

i have a recue cd also if it could be of any help

At grub, press 'e' to edit boot parameters, then change the root=LABEL=/1 to root=/dev/something (where something is your root partition), then press 'b' to boot.

my grub looks like this

root (hd0,0)
kernel /vmlinuz-2.6.9-42.ELsmp ro root=LABEL=/ rhgb quiet apic=noapic(arrow sign indicating to right)
initrd /initrd-2.6.9-42.ELsmp.img

i have other systems with the same grub but running fine

root (hd0,0)
kernel /vmlinuz-2.6.9-42.ELsmp ro root=LABEL=/ rhgb quiet apic=noapic
initrd /initrd-2.6.9-42.ELsmp.im

the only difference is the system which is not working doesn't have arrow
i have tried root=LABEL=/dev/hda1 and so on but in vain

if i just have to save data on these 3 disks what to do or any other solution

root=/dev/hda1

Don't put any LABEL in there

Thanks for your reply, I will do that but tell me if i had to copy data from those hard disks to some other machine, how to go for that, please suggest any tutorial for that and explain me these lines and from where is this system booting

root (hd0,0)
kernel /vmlinuz-2.6.9-42.ELsmp ro root=LABEL=/ rhgb quiet apic=noapic
initrd /initrd-2.6.9-42.ELsmp.im

Thanks again for your time

This system is booting from a partition that has the label specified.

To copy the data from that machine, you need to connect another machine in some way.
You can do that with scp for instance.
Use the tar command to create one big file with all the files you want to copy:
tar -cvf mytar.tar /where/is/my/data
And copy it with scp
scp mytar.tar some_user@some_remote_machine:/where/to/put/my/data

sorry for bothering you again, now the problem is the hardware is gone down compeletely and i have 3 disks attached with that system, if i attached these disks to some other linux box one by one, what is the way to view the data

You mount the partitions with the mount command:
mount /dev/sdxn /mount/point
man mount for more informations about mount.
Then you can access the data in your mount point.