I have found a possible workaround. The workaround works only depending
on the amount of luck you have:

You can try this only if you were able to install Intrepid Alpha 4 and
are only experiencing the kernel problem with Init being killed.

***Workaround***

The goal here it to at least get a terminal working and update
everything from there, hoping that it will install the latest kernel.

Before the system can boot, press "ESC" in order to access Grub.
Edit the default kernel by pressing "e", select the kernel boot line and press 
"e" again.

By the end of the line you should change the "ro"  into "rw"  and adding
the number "2" at the very end of the line.

Confirm by pressing "Enter" and press "b" on that line to boot the
kernel with those options.

If everything goes right, you should be presented with a prompt and a
screen with strange behavior like not displaying everything.

If you have enough command line experience, you should be able to hit
some commands and now what you are doing. This might take some tries to
figure out what you have done.

You'll be presented with the prompt asking you for your login and
password. Wait a few seconds in between entering your login and
password.

If it worked you should be able to see the licensing things of Ubuntu,
possibly scrambled all over the screen.

Next you'll want to update and upgrade everything:

sudo apt-get update && sudo apt-get upgrade

If this worked you'll see some activity on the screen (scrambled like in
my case) and the VirtualBox icons representing your harddrive and
network will be flashing, indicating that it's downloading and
installing the packages.

When you think that everything is done upgrading, mostly when
VirtualBox's status icons isn't showing any activity for some time. Then
it's safe to restart.

shutdown -h now

*** End Workaround ***

Hope this worked for you!

-- 
Kernel panic during boot in VirtualBox with kernel 2.6.26.*-generic
https://bugs.launchpad.net/bugs/246067
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