The following I am getting from the Xen site.
http://www.citrixxenserver.com/overview/Pages/intro.aspx
Virtualization: The characteristics of a computer resource are abstracted so that is can be accessed is some way that is different from its physical form. An example is virtual memory.
System Virtualization: The resources of a single computer are present as collection of single computers. This was first done in the 1960s.
Virtual Machine: A computer that is a member of a collection of single computers on a virtualized system. It has its own virtual CPU,
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