VirtualBox is the excellent and user-friendly Type 2 Hypervisor that supports all the major operating systems. A Type 2 Hypervisor requires a host operating system to install on, and VirtualBox can be installed on Linux, Solaris, Mac OS X, and Windows. Then you can run any of these operating systems on VirtualBox as guests in virtual machines.
Virtualization is a big deal on servers for boosting hardware efficiency, and it is one of the foundation blocks of cloud technologies. In this fun era of powerful desktop PC hardware, cheap virtualization opens a vast world of possibilities. I use VirtualBox to keep multiple instances of development sandboxes, so I can freely experiment and blow things up without worrying about losing anything. (Note to the Internets: "losing". Not "loosing".) It's a fast and easy way to test distros and capture installation screenshots. Not that installing Linux is very exciting as it's been dead-easy for years. But it's nice to be able to do it.