Create Oracle Directories, i.e.: /u01/app for Oracle software and /u02/oradata for database files:
Regards and best of luck.
Edited by: Dude on May 17, 2011: Added note about 11.2.0.2, various changes.
Edited by: Dude on May 25, 2011: Add oracle account to admin group instead of /etc/sudoers.
Edited by: Dude on May 31, 2011: Removed step to add software repository for ia32-libs.
It's not needed and causing subsequent update issues. I.e. Flashplugin.