VM at the application level, sounds like what Windows 7 is doing with XP.

Get exclusive access to this Solaris Containers How-To Guide and learn how to consolidate applications onto a single server using Solaris Containers technology

With Solaris Containers, you're able to isolate software applications and services using flexible, software-defined boundaries, and create private execution environments within a single instance of the Solaris OS.

After using this guide, you should be able to create Solaris Containers by:

  • Creating a resource pool
  • Defining Solaris Zones
  • Assigning CPU usage with the Fair Share Scheduler (FSS)
  • Installing and booting a zone
  • Configuring access to raw devices from the zone

Download the Guide