ESX server is an example of a "
Hypervisor". There are many Hypervisors that work with/under Linux, including Xen, QEMU and VMWare (server, workstation or player).
A "Live CD" is another kind of "virtual environment". It isn't a VMM (like running under ESX server), but the OS on a live CD *does* run on your PC *without* affecting the "native OS" on your PC at all. "Live CDs" are definitely in the same category as "running VMs" and "multi-boot".
Suggestions:
1. Check out the link above
2. Google "virtualization" and check out more articles
3. If you're interested, give Xen a try
'Hope that helps