http://ru.wikipedia.org/wiki/OpenVZ

https://help.ubuntu.com/community/OpenVZ

root@hostX:~# sudo apt-get install linux-openvz vzctl

What would you like to do about menu.lst?

install the package maintainer's version

root@hostX:~# shutdown -r now

root@hostX:~# uname -a

root@hostX:~# cat /etc/sysctl.conf
...
net.ipv4.conf.default.forwarding=1
net.ipv4.conf.default.proxy_arp=1
net.ipv4.conf.eth0.proxy_arp = 1

net.ipv4.ip_forward=1
net.ipv4.conf.all.rp_filter = 1
kernel.sysrq = 1
net.ipv4.conf.default.send_redirects = 1
net.ipv4.conf.all.send_redirects = 0

root@hostX:~# sysctl -p

root@hostX:~# ln -s /var/lib/vz /vz

hostX:~# cd /var/lib/vz/template/cache/
hostX:~# wget 

http://download.openvz.org/template/precreated/contrib/ubuntu-8.04.2-i386-minimal.tar.gz
hostX:~# cd 
hostX:~# vzctl create 101 --ostemplate ubuntu-8.04.2-i386-minimal

hostX:~# vzctl set 101 --ipadd 172.16.1.100+X --save
hostX:~# vzctl set 101 --hostname serverX.class.un --save
hostX:~# vzctl set 101 --nameserver 172.16.1.50 --save

root@hostX:~# cat /etc/vz/conf/101.conf
...
IP_ADDRESS="172.16.1.100+X"
HOSTNAME="serverX.class.un"
NAMESERVER="172.16.1.50"

hostX:~# vzctl start 101
hostX:~# vzctl enter 101