I added a new disk to my HP N40L and moved the boot disk to another SATA port, which meant reconfiguring lilo. Strange enough after setting everything up I got:
request_module: runaway loop modprobe binfmt-464c
right after the kernel loading.
Long story short this message means you are trying to boot a 32bit system with a 64 bit kernel (maybe the other way around will spit something similar). I set the boot parameter wrong and I was actually trying to boot and old 32 bit linux install that was still around on one of the drives in the NAS