"Troubleshooting the live CD" in the wiki does not cover your problems, I will try to put something useful there for this kind of error.
This mostly has to do with acpi or apic or both. So if you go to the Ubuntu forums and search for this and kernel panic together with Live CD you get some more or less helpful results.
To assist you further I need to know what hardware you have, specifically motherboard, but also the rest.
Just to eliminate a possible cause - can you boot with some other bootable CD?
Live CD hangs after splash
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