Hi Aristorias,
Welcome to LQ!
Kernel panic usually occurs when kernel doesn't understand something or is confused as something about the hardware (machine).
When CD begins to load press Shift or Alt or Tab (whichever works) until you are brought to grub bootloader; press 'e' and add 'NOAPIC' (no quotations) then press 'b' to continue booting. There are many ways to overcome this type of problem.
Understand what kernel panic is all about,
here is a good reading for that, also
here.
If you have a quite not-recent (or old) hardware you may try other distros like
Antix which also has a live medium.
Hope that helps.
Good luck.