This is how you do it with lilo:
image = /boot/tamu/vmlinuz-3.4.0
root = /dev/sda5
label = VL64STD
# append = "resume=swap:/dev/sda7 splash=silent"
# initrd = /boot/initrd
read-only
image = /boot/vmlinuz
root = /dev/sda1
label = 1337
append = "video=640x480"
# initrd = /boot/initrd
read-only
"tamu" in the above example is a sub directory of /boot on sda1. To boot the linux distro on sda5 the kernel image of that distro must be included (along with its system map file) in /boot/tamu as well as in the /boot directory of sda5. Dont forget to run lilo and if you didnt set it up correctly lilo will be happy to give you nice specific warnings
EDIT: Keep in mind that you may need the initrd despite the fact that it is commented out in my example above. If for instance, you need some service or module to boot, i think the initrd might be necessary. Personally, i think its just easier to compile all that stuff in.