Does it load without any strange errors? Yes, try these tests:
ip_tables, Using /lib/modules/2.4.2-2/kernel/net/ipv4/netfilter/ip_tables.o
/lib/modules/2.4.2-2/kernel/net/ipv4/netfilter/ip_tables.o: init_module: Device
or resource busy
Hint: insmod errors can be caused by incorrect module parameters, including
invalid IO or IRQ parameters
Run the command "/sbin/lsmod" and make sure the module "ipchains.o" is NOT
installed. If it is installed, your machine (most likely Redhat-7.x based)
is probably trying to load an IPCHAINS ruleset which is incompatible with
IPTABLES.
To disable this from happening in the future, run the command:
chkconfig --level=2345 ipchains off
To remove the "ipchains" module without rebooting, run the command:
/sbin/rmmod ipchains
and the re-try to load the rc.firewall ruleset.
No such file: Did you copy this rc.firewall file from a DOS machine?
Load the rc.firewall file in a binary editor
(vim -b /etc/rc.d/rc.firewall) and make sure that every line is NOT
finished with a ^M.