diff -Naur busybox.orig/modutils/modprobe-small.c busybox/modutils/modprobe-small.c
--- busybox.orig/modutils/modprobe-small.c	2008-08-04 19:03:00 +0000
+++ busybox/modutils/modprobe-small.c	2008-08-06 00:05:04 +0000
@@ -604,7 +604,7 @@
 	free(deps);
 
 	/* insmod -> load it */
-	if (!is_rmmod) {
+	if (!is_rmmod && !strstr(options, "blacklist")) {
 		errno = 0;
 		if (load_module(info->pathname, options) != 0) {
 			if (EEXIST != errno) {