Sbin/agetty loop Prevents Boot of Slackware 12.1 Fileserver

HI everyone,
Nice to meet you all.
I recently rebooted Slackware 12.1 running on a Dell PowerEdge 2400. after 240 days of continuous run-time, and discovered it gets stuck in a sbin/agetty loop. We were rebooting because trying to mount root in webmin broke a bunch of things. Couldn't even get in as root through putty anymore.

I've found three options for dealing with this:

1) boot from a Slackware live CD (do these exist?), mount the hard drive
root partition, copy the libc.so from the cd /lib (the libc.so file, not the symlink) in the
/lib of the mounted root partition (maybe make a backup of the libc.so before) and
redo a symlink if necessary.

2.) Glibc Recovery as mentioned at a link I can't post here.

3.) manually copied over the /sbin/agetty executable (making sure that the kernel was the same version and that the kernel targeted a compatible processor) and that showed me yet _another_ executable was missing. So then I just kept manually copying until it worked. Not sure how to ensure the kernels are the same at this point. I got the 12.1 disc though. No other Slackware 12.1 machines running here unfortunately. I could install a virtual one maybe in virtual box and copy the files that way?

Fortunately I already got most all of the samba shares, the windows mounts onto an external drive using Ubuntu live CD. I also attempted to create an image of the primary partition over to external drive. But I did it while it was mounted and now worry it may be corrupted. I''m wondering the best way to back up the whole system before trying some of the approached mentioned.
Clonezilla? Ease US TO DO? Partition Magic?

Wouldn't creating an image of the partition to an external drive fails if the fact it was mounted was an issue? I'm hoping I don't have to do it again since it takes hours with that 2.0 USB port.

Thanks for your advice,
Al

So are you saying that agetty is respawning too rapidly?

What happens on the console terminal? Any error msg?

Yes. INIT "C1" through "C6" re-spawning too fast.

What happens when you boot from a livecd and chroot into it