#Enable Virtualization in your BIOS !! Don't overlook this !!
#*If there is no virtualization options in your bios then either your board or cpu do not support it. If that is the case then stop here because your experience will be poor at best.
#Update your System !!If you get a new kernel its best to reboot.
#*su -c yum -y update
#Install the needed Packages
#***kvm_intel 44819 0
#***kvm 317840 1 kvm_intel
#Next you need to make sure to start libvirtd.
#**service libvirtd start
#*Also make sure it starts at boot
#**chkconfig libvirtd on
#Finally you need to get the ISO source of your selected Linux distribution onto your Host. Its probably easiest to just copy it from someplace or download it to the host. In my case since we are geting ready for the Amahi release on Fedora 16 I downloaded the beta DVD to my host. The important thing is to make sure that the ISO is easy to get at. Don't bury it.
==You are Ready==
Hopefully all that went well. Make sure to reboot if the system update installed a new kernel. Otherwise you should be good to go.