Two solutions:
1) Go back to compiling (not compailing) your kernel and configure it so that you have support for the ext3 Filesystem (under the filsystems option tree) compiled in, not made as modules. Thus you wont need an initrd. Or...
2) Make an initrd. You can find a good tutorial for this here
http://www.yolinux.com/TUTORIALS/Lin...dBootDisk.html. This way your kernel will actually be able to boot and load the modules that it needs to mount the root filesystem of your computer.
Please refrain from hitting the post button more than once when you're posting, as multiple posts tend to keep people from taking you seriously.