Virtualbox is free, open-source virtualization software developed by Sun, Inc. It creates virtual machines upon which nearly any operating system can be run. Users can customize the amount of RAM, hard drive size, network adapters, etc. as needed.
Ubuntu is a distribution of Linux that focuses on ease of use, compatibility, and security. Ubuntu 7.10, released in October of 2007, was the operating system detailed in the project outline provided and has since been superseded by Ubuntu 8.10, the Intrepid Ibex.