518 Remote mount of the root (/) and /usr file systems failed during network boot; implies it did not see your hard disk as a boot device so went on through the boot list and eventually failed on the network boot.
Did you load the latest firmware to support 5.3 first ?
Is your boot list corrupt / is the hard disk still in your boot list ?
hit 1 / F1 during the boot icons to go to SMS and check the boot list or select hdisk0 for the boot (assuming you are trying to boot from hdisk0 ;-) ) or 5 / F5 for the default service mode boot that will do a diag boot from floppy / cd / hdisk0 / network and then use diags or start a shell to set the boot list.
you can download the diag cd iso from the IBM site if none of the above works:
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