Virtualbox
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Virtualbox is a popular virtual machine emulator by the Oracle Corporation, originally by Innotek (which was then acquired by Sun, and then Oracle). Virtualbox is a application, installed onto a host operating system, and is capable of hosting emulated systems, called Guest OSes. Virtualbox supports a large variety of operating systems, including most Linuxes, all recent Windows, UNIX and GNU/hurd and limited Mac OSX.
Licencing
The core package for Virtualbox is open source, available under the GNU GPLv2. Previously, when owned by Innotek, it was a proprietary personal use and evaluation licence, which while free, was not free (as in freedom).