Please, boot in the working kernel and post here the contents of /boot/grub/menu.lst (or /boot/grub/grub.conf). Also, please, post listing of /boot directory and output of `lspci` and `lspci -n` commands.
The problem is that no driver for your block device is in kernel. The reasons can be various, for example: no or bad initrd image, unsupported hardware, etc.