#entry 2.4.33.3
image = /boot/vmlinuz-ide-2.4.33.3
root = /dev/sda3
label = old
read-only

#entry 2.6.17.13
image = /boot/vmlinuz-generic-2.6.17.13
initrd = /boot/initrd.gz
root = /dev/sda3
label = old
read only

==============================

here's the exact message that i get when the newer kernel is loaded through lilo:

VFS: Mounted root (etc2 filesystem).
/boot/initrd.gz: Loading kernel modules from initrd image:
Using /lib/modules/2.6.17/13/reiserfs.ko
VFS: Cannot open root device "803" or unknown-block(8,3)
Please append a correct "root=" boot option
Kernel panic - not syncing: VFS: Unable to mount root fs on unknown-block(8,3)