This seems to be fixed in the latest kernel builds (i.e., Hardy,
specifically 2.6.24).  I'm using an Asus M5N motherboard with an AMD X2
5000+.  Steps to fix for me:

1) Disable ACPI in BIOS so I can actually boot.

2) Edit /etc/apt/sources.list and add at the bottom:
deb http://archive.ubuntu.com/ubuntu/ hardy main restricted

3) sudo apt-get update

4) sudo apt-get install linux-source-2.6.24-4-generic

5) Reboot, reenabling ACPI in BIOS and then selecting the new kernel to
boot to

6) Comment out the sources.list line so it doesn't try to update
*everything* to Hardy.  (I don't know what will happen when it sees that
I have a package installed that's not in any repo, though.)

-- 
Kernel panic - not syncing: IO-APIC + timer doesn't work!
https://bugs.launchpad.net/bugs/54621
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