I'm not sure about Red Hat, but Mandrake will allow you to enter "Interactive startup" by pressing i at start up (it tells you about this), after that you can choose which services you want to run, and obviously you could choose not to run dm, and then you'd get into runlevel 4 or 3. Your computer may actually allow you to boot from CD-ROM, check the BIOS for the boot order, and make sure CD-ROM is above hard drive. I'm not aware of a bootable floppy that would read linux partitions, but if you had another computer, you would be able to compile your own (slim) kernel and then throw it on a floppy disk to make it bootable.
Barring that, I'm wondering how you originally installed Red Hat on the computer, did you do an NFS install or what?
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