darwin kernel

I have a macbook, unibody, early version. Odd things I noticed bebore the problem, a lot of my files in my harddrive were lighter in color than the other files, and some of them had minus signs next to them, red circle, with a white sign in the middle. I was going to delete them, but hen I changed my mind, and tried to take them back out of the trash, which seemed to confuse the computer. So I tried to restart it. This is what I'm getting now

panic (cpu 1 caller 0xfffffff800053e0ff): Process 1 exec of /sbin/launchd failed, errno 2"@SourceCache/xnu/xnu-1699.24.23/bsd/kern/kern_exec.c:3546

Debugger called: <panic>

Backtrace (CPU 1), Frame : Return Address

0xfffffff803f793e00 : 0xfffffff8000220702

0xfffffff803f793e80 : 0xfffffff800053e0ff

0xfffffff803f793ee0 : 0xfffffff8000524100

0xfffffff803f793f10 : 0xfffffff800054ff89

0xfffffff803f793f50 : 0xfffffff800021e0c3

0xfffffff803f793f90 : 0xfffffff80002c1c8a

0xfffffff803f793fb0 : 0xfffffff80002d79ec

BSD process name corresponding to current thread: init

Mac OS version:

Not yet set

Kernel version:

Darwin Kernel Version 11.3.0: Thu Jan 12 18:47:41 PS

Kernel UUID: 7b6546C7-70EB-3ED8-A6C3-C927E4D3D0D6

System model name: MacBook5, 1 (Mac-F42D89CB)

System uptime in nanoseconds: 2202065243

In the grey box in the center with a picture of the power button in five different languages, it says, You need to restart your computer. Hold down the Power button until it turns off, then press the Power buttin again.

I've done this about 5 times, and received the same maessage. I also have an older white MacBook, that's what I'm using to write this. It also does this sometime, darwin kernel, not the lighter file, or locking me out thing. However it always powers back on, the unibody mac seems to be stuck. Do I need to try and power it up with the start up disks, or is there another way? Thanks, Dawn