Installation of the vserver packages is simple in F8:
yum install util-vserver util-vserver-build
However, for anything to actually work you need to build a custom kernel. Once the custom kernel is installed you also need to update the distributions to include F8:
Once the distribution is installed you can build the new vserver using the vserver build command, e.g.:
vserver myvserver build -m yum --interface eth0 --interface lo -- -d f8
Where myvserver is the name of your new vserver. Once the build completes you can start your vserver with "vserver myvserver start".
To install additional software packages use vyum:
vyum myvserver -- install packagename
where packagename is the name of the package to install.