Question about VM Hosting for semi-light processes.

Okay so I'll start this off by saying I know very little about Virtual Machines. With that said what I am looking to do is run a program that only uses 52mb of RAM on multiple computers so it speeds it up. It's not even heavy on bandwidth usage. My goal would be to run this program 5 or so at the same time, maybe more if possible.

Now my question to you lovely BHW'ers, would a VM be the best approach for this, and if so what service/site would you recommend?

This is the dedicated server I have if the solution would be more cost effective to be ran on that, but once again not sure if that's even an option.

Intel P4 1.5Ghz, 512MB RAM, 60GB Drive, 5 IP Addresses, 10MB Uplink Port, and cPanel/WHM.

Thanks in advance for your help/solutions/advice.

:bump:

Hello, i have several experiences with virtual machines i have installed MAC OS,Windows(all versions),Red Hat, Fedora, Debian, Ubuntu, Slackware and some other UNIXes.
Well, recommend a Debian Lenny, i can install a free vmware version on a debian lenny machine securely via ssl.
You'll be able to create several virtual machines. Get yours .iso and its done, any Operational System will you be able to use.
I also recommend a firewall.
Regards and Good Luck man.