OpenVZ is an Operating System-level server virtualization
solution, built on Linux. OpenVZ creates isolated, secure
virtual environments — VEs (otherwise known as virtual private
servers, or VPSs) on a single
physical server enabling better server utilization and ensuring
that applications do not conflict. Each VE performs and executes
exactly like a stand-alone server; VEs can be rebooted
independently and have root access, users, IP addresses, memory,
processes, files, applications, system libraries and
configuration files. See OpenVZ Wiki (http://wiki.openvz.org/) for more information. (From the Openvz.org homepage)
Drawbacks
Requires the VZs have the same kernel as the clients
Features
Does not require hardware to use.
Less Over head
Web Page http://openvz.org/
Wikipedia entry http://en.wikipedia.org/wiki/OpenVZ