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Virtualization on a Dedicated Machine

I have recently got a hold of a dedicated server Dell-PowerEdge-R720 with Oracle Enterprise Linux installed on it.
Now i want to create few virtual machines with Oracle Enterprise Linux images installed on them.
Is there any step by step guide which explains the configuration .
Plus I have only 1 IP which is assigned to this dedicated machine , so is there a way that I can create a NAT type of configuration with virtual hosts something like.

abc.com -- > Virtual machine 1
xyz.com --> Virtual machine 2
and so on..

Also any GUI to configure the virtual machines.

Any pointers here will be really helpful.

Thanks in advance

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