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Linux Magazine posted an article about how to setup KVM on Ubuntu



You probably know that Red Hat purchased the company Qumranet (they developed KVM), that the Linux kernel contains KVM virtualization components and that KVM is open source software. But, did you know that KVM runs perfectly on non-Red Hat Linux? It does. This article series shows you how to successfully setup and run KVM on Ubuntu Server 8.04 LTS. Ubuntu has an excellent software packaging and delivery system (APT) and delivers performance that is a superb substrate on which to run virtual machines. Combining Ubuntu with KVM is a match made in Data Center heaven.
  Up and Running with KVM, Ubuntu Style: Part One