ERROR please HELP ME!!!! I AM GONNA KILL MYSELF
 

mount : error 22 mounting ext2 flags kernel panic : no init found try passing in it = option to kernel

Is your / (or /boot) filesystem ext2, ext3 or reiser, or what? I seem to recall that I had problems like this when I re-did my kernel and didn't remember to either supply an initrd or enable other filesystem mounting in the kernel.

If you can, boot from your CD (into rescue mode) and mount the partition(s). Edit your lilo.conf file and check to see if that's all OK (look for the initrd bits).

I edited your thread title. Lets try to have helpful titles as it helps us when browsing threads. A Help, I'm Gonna Kill Myself in no way helps us help you..

Make sure the kernel has support for your root filesystem whatever it is ext2 reiser etc. RH does not support reiser out of the box unfortunately.
If you can mount your root partition using a boot cd or floppy look at /etc/fstab the first line of mine reads

/dev/hda2 / reiserfs default 1 1

If it is wrong I think you may get an error message similar/same as you got.