One of the reasons I never updated to Precise Pangolin was because I could not boot off the Live CD. A fix was supposed to forthcoming from what I read but I never tested anything newer.
When Quantal Quetzal came out the 64Bit Live CD has the exact same problem. When booting from the CD, the screen goes blank and after a minute or so the screen shows some error messages but Ubuntu does not boot.
Seems like this is a common problem with RedHat and previous Ubuntu releases .
The latest BIOS update installed today also did no good.
From reading Tech Notes about the graphics settings, running Discrete Graphics with Nvidia Optimus Mode disabled continues to be the correct option, as I had set with Oneiric Ocelot.
I also have all virtualization settings enabled in BIOS.
The best (only) way to boot from the Live CD is to enable the "noapic" option. You need to boot from the CD and hit a key are the purple screen when the keyboard shows up. After selecting the language, you can hit F6 to select the "noapic" option.
After installing Quantal Quetzal 12.10 64Bit, I needed to add the 'noapic' option to the kernel boot line.
To do this:
1) edit the /etc/default/grub file and change the GRUB_CMDLINE_LINUX line to add
2) run sudo update-grub to update the grub configuration.
Once doing that the issue is solved.