Used YUM to update the kernel and now i get this

I updated from Kernel
2.6.18-92.1.13.el5 to 2.6.18-92.1.22.el5
When grub boots the new kernel i get

Mount: missing mount point
setuproot: error moving /dev: No such file or Directory
setuproot: error mounting proc: No Such File or Directory
setuproot: error mounting /sys: No Such File or Directory
Switchroot: mount failed: No Such File or Directory
Kernel Panic- Not Syncing: attempted to kill init

The older kernel boots right into the prompt,

Any guidance would be greatly appreciated.

You need to edit the /boot/grub/grub.conf and disable the new kernel by the sounds of it.
Its a text file, so shouldn't be hard.
Need to be root of course.
After that you can research grub/kernels. Might be a corruption of grub.conf.
You may be able to work it out fro the settings for the working kernel.

There was one of those kernels that there was several revisions of (do not remember which one). 2.6.18-128.1.10.el5 is current.

This is grub.conf


2.6.18-92.1.13.el5 works the others do not