Via a post of @maishsk (Twitter) on http://technodrone.blogspot.com/ I read about the ToolsCenter Bootable Media Creator. So I downloaded the software from: http://www-947.ibm.com/systems/support/ and gave it a test drive.
When you start the software it will ask what type of server / blade you have and will download the updates and create the bootcd for you. More info can be found in this pdf: ibm_utl_bomc_1.00_anyos_anycpu.pdf
Power on the server / blade and start from CD. The following screen will show up: