I get the next messages:
Creating initramfs
(snip)
When I now reboot and choose the 2.6.10-1.741_FC3 kernel I get the same error
(snip)
I have a problem.
I installed FC3 on a Dell Optiplex GX 280 and everything works correcly. Now I use yum to update all packages (including the latest kernel). After updating I reboot and let grub select the newest kernel.
After it starts I get the next error:
mkrootdev :label /1 not found mount: error 2 mounting ext3 mount error 2 mounting none switchroot : mount failed: 22 umount /initrd/devfailed : 2 kernel panic - notsysncing: attempted to kill init.
OK, it looks from the filesystem label that at some point you've had (maybe still do) multiple Linux installations on this machine. Perhaps grubby used the wrong kernel template when setting up your grub.conf for the new kernels.
Can you post your grub.conf, plus your /etc/fstab?
Paul.