As I am exploring different languages and platforms for web development, I have encountered(a few months ago) ruby on rails. It has impressed me so much that I wanted to create a virtual development environment for it. For the base I choose Ubuntu 10.04 LTS which is a great distribution for *nix beginners. We will install everything we need for a slick and updateable ruby on rails development machine.
I will just copy/paste the script I have made, notice that git version may change.
This is for a single user installation, like you would have at your home/work computer, for a server installation, you should install rvm as superuser so it will install rvm into /user/local/rvm
EDIT: There is an easier way to do this, as described on: Rails
It is an automated script that does all of this for you