I am trying to install one simulator on top of RHEL 5.2 . this simulator acts as a OS only, I mean when i try to boot up with the installed simulator it is giving following error

couldnt find filesystem 'dev/root'
setting up other filesystems
setting up new root fs
setup root: moving /dev failed: no such file or directory.
nofstab: sys, mounting internal defaults.
setuproot: error mounting/proc : No such file or directory.
setuproot: error mounting/sys : No such file or directory.
switching to new root and running init
unmounting old/dev
unmounting old/proc
unmounting old/sys
switchroot: mount failed: No such file or directory.
Kernel Panic: not syncing: attempted to kill init!

System details;
Processor: INTEL(R) , PENTIUM(R), 2.66GHZ