Same problem, if in my /etc/hosts, I put my computer name on 127.0.0.1 :

$ cat /etc/hosts
127.0.0.1    localhost rom-laptop
#127.0.1.1    rom-laptop


it resolves the problem.

-- 
kernel 2.6.24-17: boot hangs with "waiting for root file system"
https://bugs.launchpad.net/bugs/235305
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