Hi there,
A couple of things that concern me about your post:
A) '(none) login:' indicates you answered no to the question "Would you like to configure your network now?" when you should have answered yes to at least gain a host name (computer name) for your computer, even if you just chose default settings for the questions that followed that.
B) INIT: cannot execute "/etc/rc.d/rc.S"
INIT: Entering runlevel : 3
INIT: cannot execute "/etc/rc.d/rc/M"
indicates that you did not install the package that contains these files, thus, also preventing your login.
C) "VFS: Mounted root (ext3 filesystem) readonly." you can ignore, unless you get a message asking you to login in a readonly mode. Then you're seriously going to need some help fixing it. But if that message pops up again, and then fsck follows to check your root, you're fine on that part, and you can ignore that.
Fix:
Reinstall, and when you get to the part of choosing what kind of install you would like to do, choose either Full, or Newbie. Either of these will install the necessary packages to you get you up and running, and fill in the blanks.
Good luck!