try using the following at an entry in yout grub.conf file.
title Red Hat Linux NEW (2.4.20-8) root (hd0,0) kernel /newbzimage ro root=/dev/hdXX initrd /initrd-2.4.20-8.img
hdXX is your root partition (eg. hda1, hda5, etc etc)
worked for me, hope it does for you.
vivek
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