Live CD FD7T1 won't boot on some machines

[Martin Sourada]

Live CD of Fedora 7 Test 1 fails to boot on some machines (propably on 
most of them?) with this error message:

-------------------------------------
WARNING:Cannot find root file system!
-------------------------------------

Create symlink /dev/root and then exit this shell to continue
the boot sequence.

bash: no job control in this shell
bash-3.2# ls -l /dev/root
ls: cannot access /dev/root: No such file or directory
bash-3.2# cat /etc/fstab
/dev/mapper/livecd-rw   /                       ext3    defaults,noatime 0 0
devpts                  /dev/pts                devpts  gid=5,mode=620  0 0
tmpfs                   /dev/shm                tmpfs   defaults        0 0
proc                    /proc                   proc    defaults        0 0
sysfs                   /sys                    sysfs   defaults        0 0
bash-3.2# ls -l /dev/mapper/livecd-rw
ls: cannot access /dev/mapper/livecd-rw: No such file or directory
bash-3.2# ./init
mount: proc already mounted
Bug in initramfs /init detected. Dropping to a shell. Good luck!

bash: no job control in this shell
bash-3.2# exit
exit
bash-3.2# exit
exit
Bug in initramfs /init detected. Dropping to a shell. Good luck!

bash: no job control in this shell
bash-3.2# exit
exit
Kernel panic - not syncing: Attempted to kill init!

What is the problem? Is there a possible workaround?