[ovirt-users] where doe sthe VM run?

I am planning to host my VM images on backend FreeNAS filer. I am assuming VMs are downloaded and run in the memory of PC running oVirt engine. What would be the way to install all of oVirt on one PC and just store VMs on freeNAS? Also more importantly, what type of HW conifg would that PC need for running a bunch of LAMP VMs?? Thanks. RJ