Well went through the document and some other's as well
I am using the pxelinux.0 file from syslinux for booting purposes.

My error msgs have changed as i changed the image file. Now i get
VFS: Cannot open root device "<NULL>" or unknown-block(3,3)
Please append a correct "root=" boot option
Kernel panic - not syncing: VFS: Unable to mount root fs on unknown-block(3,3)


My tftp root folder and all other files are on a drive that is NTFS formatted.
The pxeconfig file is this
And the tftp log file is this

For the installation to proceed further do i need to recompile the kernel and put in ntfs support in it, as i read a post in which a person was getting same problem and he had windows xp, and he recompiled the kernel and things worked right.
If this has to be done, then where should i read about this so that i get useful information quickly

Thanks