VirtualBox is an Open Source virtualization tool that allows you to run Linux under Windows and viceversa.
VirtualBox creates a virtual unit in the HD where the virtualized OS is installed and you can access it as if you were actually running it. That unit can have a fixed or dynamic size.
The wizard will ask you to reserve at least a minimum of 64 MB RAM for the virtual OS.
Nowadays you can virtualize: Windows NT, Windows 2000, Windows XP, Windows Server 2003, Windows Vista, Linux 2.4, Linux 2.6, OS/2 Warp, OpenBSD, FreeBSD, DOS/Windows 3.x, etc.
There are many advantages when virtualizing because you can access and execute an application that only works under a certain OS when using another one. safe time, not having to restart the machine to use the other O.S.,...
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