New IMac is crashing randomly because of "Panic Kernel Error." Now IMac startup disk is not visible and will not mount. What the story with this machine. Running 10.6.7

New IMac is crashing randomly because of "Panic Kernel Error." Now IMac startup disk is not visible and will not mount. What the story with this machine. Running 10.6.7

Almost certainly, some sort of hardware problem on your logic board. 
Make an appointment and take it to your local Apple Store: http://www.apple.com/retail/geniusbar/

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