Finally, I believe my problem of the kernel panics is solved!!!
Jumping on the Windoze side of my dual boot and doing some stress tests I was unable to cause any system freezing or BSOD
I replaced the PSU as I had planned to do just because the original was barely capable of my system requirements and had been running the past 3 years pretty much 24/7.
Back on the PCLinuxOS side I went.
The system ran all night and into the next day, I thought my problems were over, NOPE!!
My HDD's had passed the fsck check, so to eliminate the HDD's altogether I disconnected them and booted from the Live USB I had created on a laptop. This Live USB is also what I had installed PCLinuxOS64 from in the first place. Well a few hours later, kernel panic!!
So I downloaded pclinuxos64-kde-RC1.iso
again and did md5 check. Burned to DVD-R and booted up. Ran for several hours with no problems.
I reinstalled PCLinucOS64 from the DVD, formatting the home and root partitions during installation.
Did the system update.
It's been close to two days and so far all is well. I'll give it a couple more days and if no more kernel panics I'll mark it “Case Closed”