Server hangs, no reboot, VFS Cant find ext2, SOS!

[agidi1]

Dear Elastix and Centos Gurus

Our production PBX just crashed.

We rebooted it with no luck.

We get a kernel panic not syncing: Attempted to kill init! and it hands

before that we get a bunch of errors

like
VFS: Cant find ext2 filesystem on dev dm-0
mount: error mounting /dev/root on /sysroot as ext3:invalid argument
setting up new root fs
setuproot:moving /dev/ failed: No such file or directory
no fstab.sys, mounting internal defaults
more errors

I'm attaching a screen shot.
http://screencast.com/t/nPenPNzByMW
(literal)

Please advice, i need to get this working by 9am or my head
all pointers and suggestions are welcomed, I'm no linux guru but can follow directions.
thanks!

 

[mbit1]

Do you take backups?

 

[agidi1]

I dont trust elastix backup feature, and I have not had the chance to install mondo.

Had to re install from scratch, oddly v1.6-12 is dropping incoming calls on first 10 secs. Any ideas or suggestions?