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I and my brother did some cooking and made Ubuntu 12.04 workable on 2.6.32-308.el5.028stab099.3 - CentOS 5 based OpenVZ. So far good
I am not sure how it will perform after update/upgrade/New package installation. Also not sure how this template will work on CentOS 6 based OpenVZ.
This might not be 100% perfect template like @Francisco cooked. I will share this soon so other VPS providers can test and make it still better.