Author Till Brehm pens a howto and describes the steps to be taken to prepare a server for OpenVZ virtual machines on Debian 3.1 (Sarge) 32bit Linux.  Using OpenVZ, you can create multiple Virtual Private Servers (VPS) on the same hardware much like using Xen or the Linux Vserver project.  OpenVZ is an open-source project by Virtuozzo and is licensed under the GPL license while the user level tools are licensed under QPL.

If you want to be walked through the process step by step, check out his article, here.