OpenVZ installation on CentOS 5.1

1. Install operating system. NOTE: as recommended by OpenVZ site: It is recommended to use a separate partition for VEs private directories (by default /vz/private/). The reason why you should do so is that if you wish to use OpenVZ per-VE disk quota, you won't be able to use usual Linux disk quotas on the same partition. Bear in mind, that per-VE quota in this context includes not only pure per-VE quota, but also usual Linux disk quota used in VE, not on HN.
2. Install OpenVZ [1]
3. Prepare OS template cache http://wiki.openvz.org/OS_template_cache_preparation
4. vzctl set 100 --ipadd 192.168.7.245 --save
   Saved parameters for VE 100
5. vzctl set 100 --nameserver 192.168.7.31 --save
   Saved parameters for VE 100
6. Check is VE is up and what is running
   vzctl exec 100 ps ax
   PID TTY STAT TIME COMMAND
   1 ? Ss 0:00 init [3]
   13436 ? Ss 0:00 syslogd -m 0
   13459 ? Ss 0:00 /usr/sbin/sshd
   13474 ? Rs 0:00 ps ax
   
7. 
   
   

Reference:
[1] http://wiki.openvz.org/Quick_installation
[2] http://www.howtoforge.com/openvz_centos4.4