It should make it all the way through
boot and give you a login prompt, as well as popping up three other
xterms for the other virtual consoles. Note that to stop the
program you have to log in (root, no password) and run the 'halt'
command.
It's a good idea to save a copy of the original root_fs_slack8.1.bz2
file, so that if you screw up your root filesystem you can just delete
it and start over. Also, for obvious reasons UML locks a file that it's
using as a virtual disk, so you can't have two UMLs running against the
same disk image at once. (well, not with the UBD driver.
There's a copy-on-write driver that lets you do this...)
Setting up the virtual system
If (like me) you don't know anything about Slackware, you'll want to
know that installed packages are listed in /var/log/packages (each file
has the name of a package, and contains a list of its files) and you
add and remove packages with the installpkg and removepkg
commands. Mount the ISO image ('mount /dev/ubd/0 /mnt/cd') and
you'll have access to all of them.
Also you'll probably want access to the host filesystem to transfer
files back and forth, using the 'hostfs' filesystem. To add
/mnt/host to your fstab:
mkdir /mnt/host
echo none hostfs defaults 0 0 >> /etc/fstab
Setting up networking
The only networking method that doesn't require root access is Slirp,
and I haven't been able to get that to work. (well, I did get it to
work on kernel 2.4.22, but that doesn't help here) More info when
I have something that works.