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Zach,

> I recently booted my Cobalt to find that the FS has been corrupted
> and will no longer boot after a fsck. It just dumps into the debugger
> after mounting root.

:(

> Can I change the kernel on the restore CD to a INSTALL kernel and
> access the machine with serial? Are there any other good ideas?

If you can access the machine via a serial cable, then I assume that you
have another machine lying around. If that's the case, why not pull the
HD and temporarily install it in your other machine?

IF your other machine is running Windows, I think there are ext2 
filesystem readers available for Win32 (read-only, if I remember, but 
that's not such a big deal).

-chris

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