The initrd loads the drivers needed to boot up your system. There is no need to get rid of it really. If you want to get rid of it, you would need to recompile your kernel and make sure that everything needed to boot up your computer is built into the kernel rather than as modules. The would include things like support for the root filesystem, IDE or SCSI support, and I'm not sure what else. I haven't gotten rid of the initrd myself, so I can't give you a detailed list. Maybe some google search would reveal someone who has.
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