cannot boot pass freed memory

I have a server where as of 2 days ago I cannot get it to boot pass the "freed memory of 219k". In other words it is not loading init fully.  I say fully because if I issue the following I can at least get the root fs loaded.
linux init=/bin/bash

Does anyone know how or what I need to do to get the server up and running again?
The 60G HDD is okay as I've run a battery of tests on it and there are no errors?

Thanks for any help

Jon L. Miller, MCNE, CNS
Director/Sr Systems Consultant
MMT Networks Pty Ltd
http://www.mmtnetworks.com.au

"I don't know the key to success, but the key to failure
 is trying to please everybody." -Bill Cosby