Error: Kernel panic: No init found

Boot using LiveCD

chroot to harddisk install, for example:
- mkdir /mnt/backtrack
- mount /dev/sda5 /mnt/backtrack
- mkdir /mnt/backtrack/boot
- mount /dev/sda6 /mnt/backtrack/boot
- chroot /mnt/backtrack /bin/bash

Examine /etc/lilo.conf

Adjust "root=" entry if necessary