OpenVZ Guests
Template(s)
Before we can create a new Virtual Private Server, we first have to either download or create a template of the distro we want to use. OpenVZ uses "templates" or "cached templates". The difference is that "templates" are a sort of cookbook for "cached templates" A package manager is then used to download and create the cached template of the chosen distribution. Because most cached versions of popular distro's are already created and not that big, it is easiest to download the cached version and place it in the "/var/lib/vz/template/cache" directory (or the path you have chosen in the "/etc/vz/vz.conf" file).
"Official" cached templates can be found here http://openvz.org/download/template/cache/
"Community" or "contrib" templates can be found here http://ftp.openvz.org/template/precreated/contrib/
BodhiZazen 's - OpenVZ templates - These templates were submitted to the OpenVZ "contrib" set of templates.
Once you have downloaded a template (for example ubuntu-8.04-i386-minimal.tar.gz) and placed it in "/var/lib/vz/template/cache" you can install it using the following command:
sudo vzctl create 777 --ostemplate ubuntu-8.04-i386-minimal
FOR MORE INFORMATION https://help.ubuntu.com/community/OpenVZ