Virtualbox
Initial setup
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Install Virtualbox
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Enabling Virtualization
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Boot into the BIOS (see here)
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Look for item(s) that say virtualization, vt-d, vt-x or amd-v
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Make sure they are on
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Reboot
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Go to the website of the distro you want to install, and install the iso.
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Open Virtualbox
Creating the VM
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Hit "Machine" in the menu bar
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Hit "New"
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Choose a name for you VM
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Make sure the Type is Linux (if it wasn't change version to generic linux)
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Choose the amount of RAM given to your VM (more is better, but make sure you still have enough to run your normal operating system)
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Create a virtual disk with 12-16GB if you can afford it
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Right click on the name of your VM on the left and Hit settings
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Go to the Storage tab
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Hit the drive (should be under "Controller IDE")
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Hit the disk icon to the right of "Optical Drive" on the right pane
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Browse to where you downloaded the iso, then hit OK
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See here to install.