OS X V10.7 Lion :: Received 2 Panic Reports In The Past 24 Hours?

I have received 2 Panic Attack reports in the past 24 hours the first was obvious with the little black window message appearing in the middle of my screen the system was idle at the time with several internet window open and a exel workbook. The second occured overnight when I came to my Mac this morning the screen was black i.e. appeared to be asleep as normal I hit a key and nothing happened, I checked the machine and noted that indicator lights on a USB drive I had connected and this copnfirmed the machine was still on, I had my own panic attack! I did the reboot by turning the off switch off, and then restarted a report was displayed indicating a Panic Attack had occured i.e. 

"Interval Since Last Panic Report:  2366911 sec
Panics Since Last Report:          2
Anonymous UUID: ******" 

The report is gibberish to me I wish they would provide a clear indication in these reports to help the non tecky gain some level of understanding as to what may be the problem, that was a mini rant! 

My Hardware Overview:MAC OS X V10.7.3   Model Name:          iMac  Model Identifier:          iMac11,1  Processor Name:          Intel Core i5  Processor Speed:          2.66 GHz  Number of Processors:          1  Total Number of Cores:          4  L2 Cache (per Core):          256 KB  L3 Cache:          8 MB  Memory:          4 GB  Processor Interconnect Speed:          4.8 GT/s  Boot ROM Version:          IM111.0034.B02  SMC Version (system):          1.54f36  Serial Number (system):          W8******5PJ 

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Info:
iMac, Mac OS X (10.7.3)