Hello there
Your post title is not intuitive, and people may not bother checking it out with such a title.
Let's see here.. Need some more information perhaps.
Are you trying to install Slackware 11.0 ? Which kernel are you booting?
I'm not sure right off what errno=2 signifies, but it doesn't look helpful for you.. Block major 2 is the floppy device map, so I'll take a guess that the kernel is not finding what module it thinks it wants in order to use the USB floppy device, leaving it with nowhere to go from there..
What is that anyways, an actual floppy drive?
If you have the CD's or DVD, it would likely be much easier, though there is probably a way to use the USB thing. But it sure looks like the drive you are using is causing the problem; the kernel can't seem to find it to continue the install/boot from, so it panics.