userspace panic, can't log into system!!!

I would take it in for service. Your HDD may be failing. The model that you have has had such problems reported by other owners, but Apple does not have a warranty fix. Would be best to have the computer looked at and diagnosed for hardware problems. You can make an appointment at the Apple Retail Store - Genius Bar and take it in for service. If you are not in the USA or cannot set up an appointment this way, then contact your local Apple Store directly.

It would help to post a panic report, the full model information, version of OS X, when does the panic occur, etc.

If you are successful at opening the Recovery HD, then you could use Disk Utility and try repairing the drive. If not, then you may have a failed drive. If you cannot access the drive or clone it from the Recovery HD, then you need to try re-partitioning. If that's not possible then you will need to replace the drive.

Based upon the limited information you have supplied the answer is, "No."