Hi, guys!
Rich, srmarchi mentioned earlier, that at some point system started in text mode. It means that hardware and kernel have no controversies. Something changed, and it is definitely some repartitioning. What entity shows "Booting kernel"? Isn't it extlinux? Curaga stated, that kernel started but hanging, but is it possible that wrong partitioning (better to say not fully understood by aged BIOS) causes, that extlinux is thinking, that it is booting the kernel, but in fact it is blowing bubbles, counting stars and wistling nice melodies?
Srmarchi, I think You need to do Your best to recall the right pertitioning. And that will start the race, but without it will be waste of neural tissue.