First we need to add the repository.

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cd /etc/yum.repos.d
wget http://download.openvz.org/openvz.repo
rpm --import  http://download.openvz.org/RPM-GPG-Key-OpenVZ
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Then we need to install the kernel. For that you can check the avialable kernels using the command given below.
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yum search ovzkernel
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Then install the kernel.
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yum install ovzkernel
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Set the kernel paramters so that openvz works without any trouble.
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# On Hardware Node we generally need
# packet forwarding enabled and proxy arp disabled
net.ipv4.ip_forward = 1
net.ipv6.conf.default.forwarding = 1
net.ipv6.conf.all.forwarding = 1
net.ipv4.conf.default.proxy_arp = 0

# Enables source route verification
net.ipv4.conf.all.rp_filter = 1

# Enables the magic-sysrq key
kernel.sysrq = 1

# We do not want all our interfaces to send redirects
net.ipv4.conf.default.send_redirects = 1
net.ipv4.conf.all.send_redirects = 0
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Make sure that SELINUX is disabled in the server in /etc/sysconfig/selinux

Now reboot the server so that server will boot with the new kernel.

Now we need to install main utilities in openvz to work properly.
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yum install vzctl vzquota
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Now we can start the openvz
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/etc/init.d/vz start
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Now we need some more utilities for creating OS templates and all and store is locally.
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yum install vzpkg vzyum vzrpm43-python vzrpm44-python vzctl-lib
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To see which templates are available, run
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# yum search vztmpl
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To install some of the templates, run
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# yum install vztmpl-XXX [...]
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To create/update the cache of the OS templates, you can run the following.
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vzpkgcache centos-4-i386-minimal
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If it is not properly updated you can use the following.
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yum install vztmpl-centos-4
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Now we can create a container
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vzctl create 101 --ostemplate fedora-core-5-minimal
vzctl set 101 --ipadd 10.1.2.3 --save
vzctl set 101 --nameserver 10.0.2.1 --save
vzctl start 101
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You can execute any commands inside it as follows
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vzctl exec 101 ps ax
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To enter in to the container
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vzctl enter 101
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To destroy
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vzctl stop 101
vzctl destroy 101
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To list all nodes
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vzlist -a
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You can change other configurations in this file and reboot the node.
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/etc/sysconfig/vz-scripts/101.conf
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