elgraderro might be rght about being already in single-user.
in either case, sometimes certain configurations files are only read-only when in single-user in order to eliminate the chance of corruption. In order to get around this you can either boot single-user from a jumpstart server or solaris dvd.
let's say you have an issue with your vfstab, and that is the reason you are not reaching run-level 3.
once you run
boot cdrom -s or boot net -s
(boot net -s is if you have a jumpstart server)
(to get to the ok prompt, use: init 0 as mentioned by mikejordan, you can run boot (OBP) commands from the ok prompt.)
you will get a root prompt
you will next want to mount your root disk on /a
mount /dev/dsk/c0t0d0s0 /a
cd /a and then administer any files as needed.
to modify the vfstab, it would be: vi /a/etc/vfstab
im just using using the vfstab as an example file.