I've got Cyanogenmod 7.2 working on my Droid 2, which had a 2.3.4 firmware.
First I rooted the phone using phifc's process: http://forum.xda-developers.com/show....php?t=1773391
Downloaded CM7.2, and blanked out the /system/etc/check_kernel script to "exit 0" per this post on the CM forum: http://forum.cyanogenmod.com/topic/5...4/#entry335479
Then I loaded CM7.2 with ClockworkMod Recovery.
Then a would get a boot loop with every reboot. I got past this by performing the following steps:
-Entered the recovery menu by holding 'X' and hitting the power button
-Brought the menu up by hitting both volume rockers simultaneously (The hourglass button didn't work)
-Cleared the caches
I wanted to make a post with all of this information in one place, to save others the hours of searching around I had to do.
EDIT: I forgot the kernel check script step.