Kernel panic error occurs when a Linux OS files may missing

kernel panic acured when linux kernel can not communicat 
with any hardware or any OS related file.

(1)Suppose any problem in initrd file then kernel panic
error showing
(2)Any file system problem or any change or remove file system 
then showing the kernel panic error

this error is just due to prblem in grub.conf and or system
is unable to root filesystem. if the prob is due ti
grub.conf go in resue mode and open grub.conf which reside
in /boot/grub/grub.conf  and make the entry given below!

default=0
timeout=5
splashimage=(hd0,0)/grub/splash.xpm.gz
hiddenmenu
title Red Hat Enterprise Linux Server (2.6.18-53.el5)
        root (hd0,0)
        kernel /vmlinuz-<version> ro root=<root mount drive
ie. /dev/hda2> rhgb quiet
        initrd /initrd-<version.img>
you can check your root mount drive by e2label utility!
#e2label /dev/sdan  , where n is the no of ur partition.

kernel panic error occurs when the system cannot boot the
machine due to some fatal errors, it might be with the
hardware or software.

A kernel panic is an action taken by an operating system 
upon detecting an internal fatal error from which it cannot 
safely recover. Attempts by the operating system to read an 
invalid or non-permitted memory address are a common source 
of kernel panics. A panic may also occur as a result of a 
hardware failure or a bug in the operating system.

majority ther problem is with the grub.conf file and the
fstab file.
when grub.conf is corrupt it will not be able to find the 
1) kernel loader (vmlinuz.2.6....
2) inital ram disk (initrd.2.6......img
OR .. it will not able to read the /boot directory
incase grub is correct and fstab entry is wrong in / section
or /boot section it will give the error