How to install and configure KVM on CentOS

KVM is a kernel-based hypervisor which grows quickly in maturity and popularity in the Linux server market. Red Hat officially dropped Xen in favor of KVM since RHEL 6. With KVM being officially supported by Red Hat, installing KVM on RedHat-based systems should be a breeze. In this tutorial, I will describe how to install and configure KVM and VirtManager on CentOS.