Howtoforge posted a guide about preparing a Fedora 15 server for OpenVZ.

In this HowTo I will describe how to prepare a Fedora 15 server for OpenVZ. With OpenVZ you can create multiple Virtual Private Servers (VPS) on the same hardware, similar to Xen and the Linux Vserver project. OpenVZ is the open-source branch of Virtuozzo, a commercial virtualization solution used by many providers that offer virtual servers. The OpenVZ kernel patch is licensed under the GPL license, and the user-level tools are under the QPL license.

  Installing And Using OpenVZ On Fedora 15