You can try single user mode. Boot holding apple-S, you will get a command prompt after a minute. Type:
fsck -fy
This will check for drive problems, and fix them if possible.
Is it your original restore disc you are booting from? A generic Tiger is NOT universal so has no x86 binaries and will not run any Intel Mac. If the original is kernel panicing your 'book, this suggests a more serious problem. Take it to an AASP.
If you have another Mac, boot the MBP in firewire target mode, then move all the prefs from the Preferences folder in the library foldeer from your user account. Copy them somewhere safe then delete the originals. You may find it will boot properly after that.