VirtualBox is a general-purpose full virtualizer for hardware.
As the computation power is getting higher, it is always good that you can make use of your computer to run another guest OS of the same kind or different. So that, you can test some new software on the separate OS without impact to the working computer. Also, you can use it for studying the new OS, e.g. RedHat, Debian, Fedora, Ubuntu etc. VirtualBox is now the only professional-quality virtualization solution that is also Open Source Software.
Latest version of VirtualBox 2.0 is just released. 64 bits OS is also supported in this version.
URL: http://www.virtualbox.org/wiki/Downloads
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