From TALinuxWiki

LILO is a versatile boot loader for Linux on i386 and x86_64. It does not depend on a specific file system, can boot Linux kernel images from floppy disks and from hard disks and can even act as a "boot manager" for other operating systems.

These days it's showing it's age by requiring re-install when configurations changes, unable to load kernel images from a filesystem and is unable to load for example Xen. Grub is a good alternative.

Configuration

LILO is configured using a file, /etc/lilo.conf. Everytime the configuration changes or any of the references kernel images change, lilo must be run again to update it's map files. View the LILO man page (man lilo and man lilo.conf) to view more indepth documentation on LILO.

Example lilo.conf

prompt
timeout=200
boot=/dev/sda
image=/boot/vmlinux26.up
       label=talinux-0
       root=/dev/sda1
       append=""
       read-only