NFS is great when you have one dedicated server and it's up all the time. If like me you have a few PCs with Linux and you want to share the mounted file systems. The order you boot your machines up can be important and you could even get deadlocks where two machines are waiting for each other. NFS can also appear to hang the booting process if a remote server is not available. If this happens then you have to manually mount the NFS systems, I find that a pain.
The Kernel Virtual Machine It is a fast and simple way to run entire operating systems, inside Linux. I use them for playing around with stuff as they are simple to create. It saves having to put your live machine back together again.
This description shamelessly take from the dnsmasq home page.
Dnsmasq is a lightweight, easy to configure DNS forwarder and DHCP server. It is designed to provide DNS and, optionally, DHCP, to a small network. It can serve the names of local machines which are not in the global DNS. The DHCP server integrates with the DNS server and allows machines with DHCP-allocated addresses to appear in the DNS with names configured either in each host or in a central configuration file. Dnsmasq supports static and dynamic DHCP leases and BOOTP/TFTP for network booting of diskless machines.
NTP is a protocol designed to synchronize the clocks of computers over a network. NTP version 3 is an internet draft standard, formalized in RFC 1305. NTP version 4 is a significant revision of the NTP standard, and is the current development version, but has not been formalized in an RFC.