You could try something like this, though I'm not certain if it work out for you. It might require some command line wizardry.
The first thing you need to do is mount the usbboot.img file:
$ mkdir /tmp/usbboot $ sudo mount usbboot.img /tmp/usbboot
Then copy the initrd.img from it and unmount:
$ cp /tmp/usbboot/initrd.img /tmp/ $ sudo umount /tmp/usbboot $ rmdir /tmp/usbboot
So now the initrd is in /tmp. But what is it?
$ cd /tmp $ file initrd.img initrd.img: gzip compressed data, from Unix, last modified: Fri Nov 1 01:07:44 2013, max compression
Ah, it's gzipped. Decompress it by renaming to .gz and decompressing:
$ mv initrd.img{,.gz} $ gzip -d initrd.img.gz
Now what is it?
$ file initrd.img initrd.img: ASCII cpio archive (SVR4 with no CRC)
Now make a new directory for the slackware installer, and extract initrd using cpio (you need to be root for all the permissions to be right):
$ mkdir slackboot $ cd slackboot $ su # cat ../initrd.img | cpio -i
NOTE: cpio will extract all its files to the current directory, so make sure you're inside the directory you want the files in when calling. It wouldn't try it from /.
You can chroot now and test it out:
# chroot . # /usr/lib/setup/setup Error opening terminal: xterm.
It seems you need a real tty/pty/whatever. So log in to one of your real (non-X11) terminals as root (ctrl+alt+2).
# mount -o bind /dev /tmp/slackboot/dev # mount -o bind /sys /tmp/slackboot/sys # mount -o bind /proc /tmp/slackboot/proc # chroot /tmp/slackboot # /usr/lib/setup/setup
That will launch the installer, and should get you started. Don't blame me if you nuke your harddrive though.