VFS:can't mount init

The exact message I am getting is;
Freeing unused kernel memory: 92k init 32k prep Warning: unable to open an initial console. Kernel panic: No init found. Try passing init= option to kernel.

I have no idea what option to use.

My first guess is that you don't have a default run level set in /etc/inittab. Perhaps you or someone else edited this file and accidentally corrupted this line or more lines. See if you can force the server to boot into single user mode or any other run level instead of just using the default boot command. If you are successful in coming up look at the inittab file. You should have a line that reads:

id:3:initdefault:

That is my first guess. If this doesn't help feel free to email my alias with any new errors and I'll see if I can come up with anything else.