There is no inittab in ubuntu, as it's using upstart. You can boot from live-cd, work in the live CD and mount the file systems manually then fix things:
Code:
mount /dev/"root-filesystem" /mnt/
usually root-filesystem is something like "sda5" or something similar.
mount --bind /dev /mnt/dev
mount --bind /dev/pts /mnt/dev/pts
mount --bind /proc /mnt/proc
mount --bind /sys /mnt/sys
chroot /mnt
then in the chroot you update or create a new initrd:
update-initramfs -u -k "kernel-version"
or
update-initramfs -c -k "kernel-version"
after this exit chroot with logout or Ctrl+D
umount /mnt/dev/pts
umount /mnt/dev
umount /mnt/proc
umount /mnt/sys
umount /mnt
and reboot
This way should fix your initrd, but you have to know which is your root-filesystem and the kernel version. If in case you have /usr and/or /boot as a separate partition you will need to mount that too.