Kernel panic

Hi all,
I had my RHEL3 up and running. I tried to remove a software OCFS. After a reboot the machine simply fails to start. I know there are more messages but I need someone to help me step by step as I am a tootal newbie.
the error message is

ERROR /bin/insmod exited abnormally!
loading jbd.o module
insmod: a module named jbd already exists
ERROR /bin/insmod exited abnormally!
loading ext3.o module
insmod: a module named ext3 already exists
ERROR /bin/insmod exited abnormally!
Mounting /proc filesystem
mount : error 16 mounting proc
Creating block devices
Creating root device
mount : cannot create device /dev/root (8,13)
Mounting root filesystem
mount : error 16 mounting ext3
pivotroot: pivot_root(/sysroot,/sysroot/initrd) failed: 2
umount /initrd/proc failed: 2
Freeing ununsed kernel memory: 228k freed
Kernel panic: No init found. Try passing init= option to kernel.

Please help. It's urgent

I cannot even go to my single user mode
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Oracle (I assume OCFS meant Oracle Clustering File System) can be fairly pervasive.  Would it be possible just to remove the data, then reinstall? That would probably be the simplest option.
interrupt the boot process in GRUB by pressing any key, then go into editing mode to look up the boot lines (they start with init... and linux...) and post them here.
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