If defective hardware is causing the kernel panics, reinstalling won't solve the problem. Bad RAM is often the issue. Don't make the mistake of thinking that Apple RAM can't go bad; it can and does. Apple does not manufacture its own RAM.
Try the steps in that article and let us know how it goes.
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Jon
Mac Pro Quad 2.66 GHz, one 500 GB Hitachi HD, three 320 GB Hitachi HDs, 5 GB RAM, OS 10.5.7
Epson SP 1280, LaCie 80 GB FW drive, second internal DVD drive (Pioneer), Photoshop CS3, Office 2008,
Nikon LS 8000 scanner
Apple 23" Cinema Display