Well...Dr.Ozz, thanx a million!!....your tutorial rescued me at the right time..
...and I have managed to boot with 2.6.3 kernel in my second try itself!
I just removed this from the grub command line
root=LABEL=/ hdc=ide-scsi. After removing it the new kernel booted successfully.
However, I have also encountered few other problems..
1. My mouse is not working anymore....Not in 2.6.3 and not in 2.4.20-8 too...
2. Secondly, during boot up, I get this message:
Mounting local filesystems: fs type vfat is not supported by kernel
I had compiled vfat support directly in the kernel, then why does it say this?
3. There are some [ FAILED ] messages with respect to IPTABLES....I havent yet checked them...
4. I also think there is some problem with Network Card configuration...I'll check it soon and then let u guys know what exactly the problem is...
Thanx and Regards,