just a quick pointer:
I had Debian Wheezy with Linux v3.2.x (vmlinuz-3.2.0-4-mckinley, i.e.
[this one]) running w/o issues on my rx2620 with two Itanium 2 9040
(Montecito) both from an on-disk installation and a NFS root FS, but I
ran it on bare-metal, not in a VM.
I'm currently running Gentoo on it (with elilo from Debian Wheezy as the
newer one from Gentoo doesn't work), but can arrange a network boot with
Debian Wheezy to gather more information if needed.
[this one]: https://packages.debian.org/wheezy/linux-image-3.2.0-4-mckinley