Goto program files -> sql server 2005 -> Configuration Tools -> reporting Services configuration
Mention ur machine name,instance name and hit start.
If INITIALIZATION is still "X" Try the following :
1. usually done while configuring reporting for the first time on the machine. :
check rsreportserver.config file for the <UrlRoot> tag , chnage the machine name to ur machine name , if it already is not that way
2. If u have recently changed ur windows password, you may need to check the 'database connection' , tab of reporting service config manager. if you select to use 'windows Credentials' , re-enter ur password , and this should solve the problem.
3. Another problem may arise at this point, that while initializing , the report server can't decrypt/read the encrypted content of the report server database, so , simply goto the initialization tab of the reporting service config manager , and delete the encrypted content.