The majority of this information came directly from the documentation installed on the system during installation check /usr/share/doc/lilo-xx.x.x/doc/User_Guide.ps for a more detailed discussion of the finer points. The Xs following lilo represent the specific version on your system. If you are running X on your system you can view these documents with gv. To read them on your system go Menu -> Graphic Programs and find ghostview. Once you have it running File -> Open and drill down to /usr/share/doc and find the file User_Guide.ps. You can also find informtion in the man pages for lilo(8) and lilo.conf(5).
LILO is a versatile boot loader for Linux. It does not depend upon a specific file system, can boot Linux images from a floppy disk and from hard disks and act as a ``boot manager'' for other operating systems.
Up to sixteen different images can be selcected at boot time. Various paramters can be set independently for each kernel. LILO can even be used as the master boot record.