Hi all,
Probably not much help for elc now, but I had a machine do this to me today. I'd applied some updates or other (and I must admit that i'd been fiddling with dpkg prior to it breaking) and the machine failed to boot in the manner elc described above. Anyhow, the problem was that the files /lib/libuuid.so.1 /lib/libuuid.so.1.2 had for some reason gone missing, because of this / can't be mounted and the machine won't boot.
I fixed it by grabbing a usb flash drive and copying those files on to the flash drive from another machine and cp'ing them into place in /lib then rebooted and the machine came back straight away.
Hopefully this will help people out who are searching the web in the future if they have a similar problem too.
Adam