Refer to part I for:
Initial settings/setup
Installation
Disk Management issues

Once you are done with the installation of the guest operating system,the next big thing to get it working is to share the resources with the host operating system.The VBox version 2.6 onwards support this using guest additions.

Guest additions allow the user to :

1. Share multiple folders among guest and host

2. Use USB devices

3. Mouse integration

4. Full Screen mode and better display

5. Use of audio device

To install guest additions:

run the guest OS and goto Devices>Install guest additions

Click Yes and download the guest additions .iso file from the source suggested by the message and place it in the folder /usr/share/VirtualBox.

Once this is done, an icon is visible in the guest OS (here windows)

Click on this icon and follow the instructions to install guest additions.

The machine is now ready to share some folders as shown below.

Now reboot the guest OS again and use the following command on the command prompt/terminal

net use X: \\vboxsvr\<path>

where X is the drive letter you want to specify and <path> is the name of the folder shared.

Successfully running this command will mount the shared folders as easily accessible drives.

Now setup the network and sound easily from the settings menu and the guest OS is up and running  good as a normal installation!