Never used this distro why not try downloading a different distro like knoppix and others that seem to be popular with the newbs - think ubunti is another popular one that I have seen ppl rave about.
At the end of the day the kernel is gonna be virtually the same for most of them the distro is what bast***adizes the b000tiful linux kernel.
Cobby is on the right path seems like sysinit has got its knickers in a twist -
Have you got 2 cdroms ?
When it drops u into single user mode find where the cdrom drive is :
fdisk -l /dev/hda
fdisk -l /dev/hdb
fdisk -l /dev/hdc
fdisk -l /dev/hdd
fdisk -l /dev/sda
fdisk -l /dev/sdb
fdisk -l /dev/sdc
fdisk -l /dev/sdd
etc etc
Dunno much about this distro but do try knoppix, I gave it a whirl one to boot a dead machine I aint installed a distro for like 5 years I'm still running 2.4 baby

When systems are this solid who needs to upgrade ?
One thing the p***sed me off about 2.4 was that due to the clock count it cant only count upto 450odd days so once your machine has been up for over that period : /proc/uptime resets to zero.
This sux especially if you're running for the best uptime stats

Newer kernels rectify this by counting in bigger bits
Here's an install that I made in 1999 I haven't changed it other than rebuilding the kernel 3 years back....
root gw:~> uname -a
Linux gw.xxxx.net 2.4.20 #1 Fri Feb 14 00:18:13 GMT 2003 i686 unknown
Here's my router again haven't needed to change that either :
root myhome:~> uname -a
Linux myhome.xxxxxxxxxxxx.com 2.4.21 #2 Mon Aug 23 12:37:44 BST 2004 i686 unknown
Linux rox