I'be recently installed Virtouzzo on Centos 5 on 16GB box , but the system could only see 4 GB of RAM, I installed the package kernel-PAE, but the virtuozzo kernel still can't see the full memory.
Is your system 32-bit or 64-bit? While 32-bit systems can have more than 4GB of RAM installed, the amount of memory per program is still limited to 4GB. Or if Virtouzzo is a 32-bit program, it will likewise be limited to 4GB even under 64-bit. If you run 4 different virtual machines they will each get a different 4GB chunk though.