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I have jumped headfirst into virtualization, running both VMWare and OpenVZ as my platforms. I have virtualized my mail server, and can redeploy it in about 2 minutes all told, from nothing to a full blown fetchmail/mailscanner/postfix/courier-imap server.

OpenVZ is a breeze to setup, I used this guide to get it setup the first time, you can go from a blank hard drive to having debian with OpenVZ running in under a half hour EASILY.

For Windows, I am running a virtual session of XP inside VMware on a windows host. A snapshot can be taken whenever I like, and I can simply suspend the machine when I fee like it... tired of having to reboot windows all the time? Just reboot the virtual windows :)

One of the fun parts is I am experimenting using hamachi to interconnect between all the virtual machines, to form a sort of ad-hoc encrypted virtualized network.

I am also planning to set up a virtualized debian instance running backuppc over hamachi in order to keep conf files mobile for possible reuse.