In the last two days, i have been playing with a new toy called Proxmox. It's a Debian-based Linux distribution used to provide virtual environment. I wanted to test this product so that i can use it to help students for their final project when they need additional resources.
So far, i have a fully working Proxmox 3.0 and also i have successfully installed a Slackware64-14.0 as the first VM client and it's working well. I had a problem of configuring it so that the client is able to access the Internet, but it has been sorted few hours ago. I might be able to use this VM client as my new build machine in the future.
It's a free product and easy to use. The default installation will take all of your hard disk, so make sure you have no data inside it, since it doesn't ask for manual or custom partition layout.
Just in case you have trouble, don't forget to check their Wiki page