Kamish,
First of all I would say this is an awesome question.
Please have a look @http://www.vmware.com/files/pdf/ESXi_architecture.pdf
In this,the section "Startup and Operation " will give you an idea of boot process.
If you find this useful,please mark the answer as correct/helpful
Regards,
SatyS
http://myvirtuallearning.wordpress.com/