Another set of steps that worked for me:
Background:
-using Software Update the 10.4.11 install failed
-then I noticed HIGH CPU usage in my MenuMeters, and I couldn't open a small JPG in Preview
-time for a reboot, which stalled with HIGH CPU usage, then tried to relaunch finder, which hung
-finally manually powered down via button
-upon reboot, I got grey screen and pinwheel for 5++ mins
-booting into verbose or single (hold s or v + cmd when booting) user modes revealed 'load of /sbin/launchd failed, errno 88'
-googled that, found this:
http://blog.washingtonpost.com/securityfix/2006/04/appleissues_another_round_of1.html
Solution:
-booted w/DVD Install disc 1 (hold down c during boot), then tried DiskUtility Repair Disk, didnt resolve the issue (maybe I should've tried to repair permissions too?)
-downloaded MacOSXUpd10.4.11Intel.dmg from Apple site on another machine, copied it to USB thumb drive
-booted from DVD again and went into Terminal
NOTE: It probably is not necessary to move all this stuff to the harddrive in the following steps, but I chose to for whatever reason. Also, Macintosh(blah) just means somewhere on my harddrive, MacUpdate(blah) is the update filename I didnt feel like copying, and UNTITLED is the name of my USB thumb drive. Finally 'cp' is the terminal copy command, type 'man cp' in Terminal for help info.
-inserted thumbdrive and copied DMG to harddrive (from /Volumes/UNTITLED to /Volumes/Macintosh(blah))
-used 'hdiutil attach MacOSXUpd10.4.11Intel.dmg' to mount the dmg on harddrive (see
http://atmail.com/view_article.php?num=291, it becomes mounted as /Volumes/MacUpdate(blah))
-copied mounted package to harddrive (from /Volumes/MacUpdate(blah) to /Volumes/Macintosh(blah))
-typed '/Volumes/Macintosh(blah)/usr/bin/open /Volumes/Macintosh(blah)/MacUpdate(blah)' to start the update installation
-clicked thru the update installation and rebooted
-booting took about 5 min, and then all was fine again
-WHEW!