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Howtoforge posted a guide about running Virtual Machines with VirtualBox 4.0 on a headless Ubuntu 10.10 Server



This guide explains how you can run virtual machines with VirtualBox 4.0 on a headless Ubuntu 10.10 server. Normally you use the VirtualBox GUI to manage your virtual machines, but a server does not have a desktop environment. Fortunately, VirtualBox comes with a tool called VBoxHeadless that allows you to connect to the virtual machines over a remote desktop connection, so there's no need for the VirtualBox GUI.
  VBoxHeadless - Running Virtual Machines With VirtualBox 4.0 On A Headless Ubuntu 10.10 Server