Ditto here on a similar Inspiron 1501. Ran into it after dist-upgrading from Feisty to Gutsy and again trying the Tribe 1 x86 CD.
Feisty kernels still boot fine with the APIC message reported above. Gutsy Tribe 1 kernel gives the full set of messages listed by the original reporter.
On a whim, I attempted ye olde "pci=nomsi" kernel option that was reportedly required to get Edgy to boot on this same laptop, to no avail.
Running most recent BIOS version, if its any help.