How to install KVM on Ubuntu 14.04 LTS Headless Server

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Kernel-based Virtual Machine (KVM) is a virtualization module for the Linux kernel that turns it into a hypervisor. How can I install KVM, setup guest operating system as the back-end virtualization technology for non-graphic Ubuntu Linux 14.04 LTS server?

You can use KVM to run multiple operating systems such as Windows, *BSD, Linux distro using virtual machines. Each virtual machine has its private disk, graphics card, a network card and more.

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