NOTE VERY IMPORTANT : You must have dualbooting Windows Xp/Vista/7 with Mac OS X. 

So you decided to install a kext but all of a sudden you get a kernel panic after a restart. Well alls you got to do is this. 
Step 1. Boot with the [-v] flag and find out what the problem is, then write it down or remember.
Step 2. Boot into Windows and then you could download a program called MacDrive 9 Pro. Download the 5 day trial. Install it. 
Step 3. When it asks to reboot after install, reboot and then boot back into Windows.
Step 4. Open up Mac Drive 9 Pro. It would allow you to recognize your Mac OS X Drive on windows and then you could go through your files, find where the problem file is located, edit or delete it, and boot back into Mac and see if it works. Worked for me. 

I just want to try to help others as this could be a very useful method. Thanks for reading.