Kernel Panic booting Live CD on SMP system (VP6 motherboard with 2 P3 750) probably because of ACPI support in kernel on live CD And no, acpi=no doesn't change a thing, as well as other proposed options... Workaround has been to remove one of the CPU while installing and put it back later.
Try acpi=off. acpi=no was a typo. ACPI is now disabled by default.
Please test the latest experimental livecd (20030113) and see if it helps (in the experimental/x86/livecd dir on ibiblio). Post results (good/bad) here so I can follow-up.