After successfull usage of KVM on my CentOS desktop,
started installation of kvm on Ubuntu (Xubuntu 8.04) on my Core2 duo laptop:

$ sudo apt-get install kvm
..
* Your system does not have the CPU extensions
required to use KVM. Not doing anything.
# check for presence of vitualization in cpu
$ cat /proc/cpuinfo
processor : 0
vendor_id : GenuineIntel
cpu family : 6
model : 15
model name : Intel(R) Core(TM)2 Duo CPU T5470 @ 1.60GHz
stepping : 13
cpu MHz : 800.000
cache size : 2048 KB
physical id : 0
siblings : 2
core id : 0
cpu cores : 2
fdiv_bug : no

Just to try what is new in word of virtual machines ( In my opinion it is not long now :) )

No idea why it can be best solution for any of common tasks.

Used file for filesystem, non-xen kernel (due to still having no network on -xen with my card).

Extremely slow.30 minutes to load Xubuntu Gutsy in machine.
(2-3 minutes on low-end Asus eeePC).

Host is CentOS 5.1 AMD Opteron x64 machine. Target i686 500 mb memory eeeXubuntu (Xubuntu gutsy 7.10).

Administrators will be able to customize these VMs. So, for example, a network administrator could keep a customized image of Ubuntu 7.10 server that's been optimized as a Web server on tap for whenever the company needed more Web-serving power. Or, a business could set up an Ubuntu desktop VM with the company's preferred blend of software applications already pre-set to work on the company intranet, and then clone them up to users' PC as needed. As Kir Kolyshkin, the OpenVZ project manager, said in a statement, "We wanted to give our users a fast, easy way to deploy Ubuntu in a virtualized environment."

Check it out more at eWeek!

In the coming weeks, ISVs and OEMs will gain access to Ubuntu JeOS – pronounced Juice. The acronym stands for Just Enough Operating System, since the Ubuntu folks have ripped out a variety of general purpose software packages that don't really play into the virtualization game. As a result, you end up with a server OS that's 215MB in size – plus 65MB from VMware, as compared to a standard version of Ubuntu at 320 to 686ish MB in size, depending on what packages you select.
Click here to find out more!

To get the lower size, Canonical pulled out things such as MySQL, Cups, postfix, slapd, evms and mutt.

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Source: Virtualization For Everyone