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Oracle VM is a server based virtualisation solution. It would be suitable if you want to build a virtualised environment for many servers. This typical deployment scenario would be a consolidation of many servers into a single (or perhaps) a few servers. Oracle VM will run on the native hardware, no operating system needed.
Virtualbox is aimed at desktop users who need a virtualised environment for e.g. testing purposes. It is not aimed at large production volumes where multiple users access the environment. Virtualbox will run on top of a native operating system. I reckon that you are looking for this virtualisation tool.
Check the [url http://linux.oracle.com/documentation/]Oracle Linux website for installation guidance for OEL 5.