Create and provision a VM with LAMP, drush and Drupal 7 . At the end of vagrant up you're left with a working copy of Drupal 7 sitting on Ubuntu. I use this for playing with new module ideas for D7.
There is no configuration outside of the Vagrant file which calls bootstrap.sh. There is an optional post_settings.sh which can be run on in bash. Place any customizations you like here. Call drush -y to install or remove modules as you need.