I found a great guide to installing Ventrilo on Ubuntu 9.10, I followed the steps and it worked perfectly on my installation of 10.10 as well. It fills in all the gaps that official ventrilo installation guide has.
Source: Brandon Williams @ http://rocketeerbkw.com/content/installing-ventrilo-server-ubuntu-910-karmic-koala
If you’re running a 64bit version of Ubuntu, you must install the 32bit libs
# sudo apt-get install ia32-libs
Create a user for ventrilo to run under
# sudo useradd ventrilo