Hi Friend,
Checked this error from one of the troubleshooting guide and it means
Error Message C4K_SWITCHINGENGINEMAN-3-PACKETMEMORYTESTFAILURE:Packet Memory buffer
test failed!!! Insufficient packet buffers are available to continue booting.
Explanation This message indicates that the packet memory diagnostic bootup test has detected too many failures for switch operation to continue.
Recommended Action Refer to the Release Note attachment in the DDTS for CSCdz57255.
Have a look at this link
http://www.cisco.com/en/US/products/hw/switches/ps4324/products_system_message_guide_chapter09186a00801eca3f.html
HTH
Ankur
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