Does anybody on this board know how this works and could they explain it to me?
The initrd has modules and instructions for the kernel as to proper loading order for those modules, in an internal init file, that also loads certain temporary devices and handles the switch root process. It does not store the UUID of the partition you want to boot to. That is written to the file /boot/grub/menu.lst, along with instructions on how to find the kernel and the initrd.
You failed to finish the installation, so there is no proper initrd or entries in /boot/grub/menu.lst. These are created by the installation process you aborted, custom made for your particular installation. Try again, and this time do as Texstar said and install grub to the / partition of the new installation. Later you can either chainload to that grub, or copy the boot stanza from the newly installed /boot/grub/menu.lst to the master /grub/menu.lst on your boot partition, and boot directly without chainloading.
This is neither Debian, nor Slackware. It's PCLinuxOS, and follows it's own, different, rules.