VirtualBox

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A powerful x86 and AMD64/Intel64 virtualization product for enterprise as well as home use. Not only is VirtualBox an extremely feature rich, high performance product for enterprise customers, it is also the only professional solution that is freely available as Open Source Software under the terms of the GNU General Public License (GPL).

Presently, VirtualBox runs on Windows, Linux, Macintosh and OpenSolaris hosts and supports a large number of guest operating systems including but not limited to Windows (NT 4.0, 2000, XP, Server 2003, Vista, Windows 7), DOS/Windows 3.x, Linux (2.4 and 2.6), Solaris and OpenSolaris, and OpenBSD.
Linux Host Installation
CentOS wiki page

yum install libGLU libXmu SDL
yum groupinstall "Development Tools"
yum install kernel-devel kernel-PAE-devel
export KERN_DIR=/usr/src/kernels/2.6.18-164.15.1.el5PAE-i686
yum install yum-priorities

Download the DKMS package:

cd /extra/src
wget http://packages.sw.be/rpmforge-release/rpmforge-release-0.5.1-1.el5.rf.i386.rpm
rpm --import http://dag.wieers.com/rpm/packages/RPM-GPG-KEY.dag.txt
rpm -K rpmforge-release-0.5.1-1.el5.rf.*.rpm
rpm -i rpmforge-release-0.5.1-1.el5.rf.*.rpm
yum check-update
yum install dkms

Download the latest VirtualBox RPM:

cd /extra/src
wget http://download.virtualbox.org/virtualbox/3.1.6/VirtualBox-3.1-3.1.6_59338_rhel5-1.i386.rpm
rpm -Uvh VirtualBox-3.1-3.1.6_59338_rhel5-1.i386.rpm
usermod -G vboxusers <username>

Other
Vagrant

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