Hi,
No. I believe you need to do some configuration in order to get the panic to get written to the swap device, then upon reboot it gets copied to a file in /var/crash for debugging later on. I don't know how to configure this off hand and I can't look it up right now. I hope someone else can help. You probably need at least as much swap as memory for this to work though. It's not unheard of for NetBSD to panic, but most of the causes I've run into are hardware related.
I guess it could be a hardware issue, I mean it is a used server. There is no kernel panic. The people at the data center said it is unresponsive and they just end up cycling the power, so that is why I tried increasing the number of file descriptors. Not really sure what else I can do at this point.
Thanks, Al