I am experiencing this issue - three years after the initial bug report
- on my present system. The hardware is 3 Ghz Core 2 Duos with 8GB of
ram and an nVidia 8800GT with 64-bit Ubuntu Hardy Heron and whichever
kernel is current in apt today (-19  IIRC)

The specific error message:

------------------------------------------------------------------------------------------
/sbin/usplash_write: "error while loading shared libraries: libc.6.so: cannot 
open shared object file: No such file or directory"
modprobe:  "error while loading shared libraries: libc.6.so: cannot open shared 
object file: No such file or directory"
ALERT! /dev/disk/by-uuid/<insert hashed root id>/ does not exist. Dropping to a 
shell
(initramfs)>
------------------------------------------------------------------------------------------

I booted the kernel into Recovery Mode and the system came back up. I
took this chance to downgrade the kernel to -18 and the system came back
up. I then rebooted and got the exact same problem.

I see that this bug has been around since 2005 and is currently a "Low
Priority." I am skeptical that reinstalling my system will fix the
problem so hope someone is willing to work with me over IRC or telephone
to get to the root of the problem ASAP. I need a stable system and this
bug didn't come up until it had been running for 2-3 weeks. I made no
recent configuration changes, so I am positive that reinstalling will
only give the facade of fixing it and that I may well experience the
problem again in less than a month.

-- 
Kernel panic 2.6.12-8-amd64-k8
https://bugs.launchpad.net/bugs/21481
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