My iPhone is stuck in recovery mode.

Restoring in itunes fails and "kernel panic .... we are hanging now" (a lot of text) displays on the phone screen and the restoration is stuck... Please help...

I have tried :

Multiple Computers/cables
DFU mode custom ipsw install
DFU mode normal ipsw install
Redsnow Recovery fix

I have even changed the battery, still doesnt come out of the recovery mode.

Little help will be very much appreciated.