Kernel panic

Any ideas?

RAMDISK: cramfs filesystem found at block 0
RAMDISK: Loading 2616 blocks [1 disk] into ram disk... done.
Freeing initrd memory: 2616k freed.
VFS: Mounted root (cramfs filesystem).
mount: Usage: mount [-t filesystemtype] [ -o options options,...]
device mountpoint
This is a builtin command. /etc/fstab and e/etc/mtab are NOT supported.

cat: No file proc/sys/kernel/real-root-dev.
/linuxrc: cannot create proc/kernel/real-root-dev: directory nonexistent
cramfs: wrong magic
Kernel panic: VFS: Unable to mount fs on 03:01

Since no one has replied I'll venture a few guesses if it's allright with you.

How much ram do you have?
Are you boting from CD or floppy?
What MOBO do you have?

edit
For yucks & grins you could try turning off any virus scanner you may have in the BIOS. Sometimes that will cause the strangest phenomenon.

Answers:

This is Fujitsu P2120 laptop with 256 MB RAM I am booting from HDD. I will check for AV in BIOS. I recompiled kernel in order to get uspport for ALI 15x3 chipset and USB 2.0. It seems that it cannot mount reiserfs partition with initrd created by make-kpkg --initrd

Try ext3- apparently Reiser likes to cause that exact problem sometimes.