Seems more like user panic.
First, the basics:
To bbot with an older kernel press the ESC key as the blink, blink starts on the monitor.
Select the older kerenl and press B key to boot.
Asumming you have 3 kernels you could start up with the oldest.:
in a root terminal
rpm -qa kernel\*rpm -e kernel-panic.arch kerne-3.36-broken
rpm -e kernel-panic.3.3.5.arch kerne-3.36-broken.arch --test
rpm -e kernel-panic.arch kerne-3.36-broken
Now install a better kernel from koji.fedoraproject.org/koji
search kerne;l down load kernel 3.3.7-1 and any aprts needed
rpm -uvh kernel-devel.3.3.7-1....rpm kernel-headers.3.3.7-1...rpm .. --test
rpm -uvh kernel-devel.3.3.7-1....rpm kernel-headers.3.3.7-1...rpm
Now instal kernel
rpm -ivh kernel-3.3.7-1.fc16.rpm --test
rpm -ivh kernel-3.3.7-1.fc16.rpm
reboot
SJ