Allright, I think I got the issue. I am trying to boot a centos 4.1 on a fc6. Now fc6
initrd, even the custom created one, has nash-hotplugd, which has to be killed before
starting udev, but this logic is not there in the initscripts of centos-4.1. So I have to
basically hand craft an initrd that will kill off this nash-hotplug in the initrd itself,
if it has to work with all the older distros.
This is too much work, to tell the truth. I will test with fc6 guest on fc6 and report
back.