VirtualBox is another virtualization products for i386 family, from official site :
Presently, VirtualBox runs on Windows, Linux and Macintosh hosts and supports a large number of guest operating systems including but not limited to Windows (NT 4.0, 2000, XP, Server 2003, Vista), DOS/Windows 3.x, Linux (2.4 and 2.6), and OpenBSD.
If you get confuse what VirtualBox do, then you can think vmware or virtualpc, this software working like vmware and virtualpc. Hardware requirement for VirtualBox, you need :
- Reasonably powerful x86 hardware. Any recent Intel or AMD processor should do.
- Memory. Depending on what guest operating systems you want to run, you will need at least 512 MB of RAM (but probably more, and the more the better). Basically, you will need whatever your host operating system needs to run comfortably, plus the amount that the guest operating system needs. So, if you want to run Windows XP on Windows XP, you probably won’t enjoy the experience much with less than 1 GB of RAM. If you want to try out Windows Vista in a guest, it will refuse to install if it is given less than 512 MB RAM, so you’ll need that for the guest alone, plus the memory your operating system normally needs.
- Hard disk space. While VirtualBox itself is very lean (a typical installation will only need about 30 MB of hard disk space), the virtual machines will require fairly huge files on disk to represent their own hard disk storage. So, to install Windows XP, for example, you will need a file that will easily grow to several GB in size.
- A supported host operating system. Presently, we support 32-bit Windows (primarily XP) and many Linux distributions. Support for Mac OS X and 64-bit operating systems is currently in the works.
- A supported guest operating system. Besides the user manual (see below), up-to-date information is available at "Status: Guest OSes".
Today, I’ll show how to install VirtualBox in my Windows XP
1. Download latest release from VirtualBox site, put in any location followed by double click to start installation process.
2. Click Next to continue

3. Click Next to continue

4. Click Next to continue

5. Click Install to begin installation

6. Click Continue Anyway

7. Click finish

8. VirtualBox installation finish, you can access the program from start menu

9. VirtualBox ready for action

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Thanks for the post. I will await your comments on running Ubuntu on Windows