I'm trying to install this for my first time every trying to use a VPS and i followed the instructions and yet i get "Error: Missing Dependency: dev is needed by package mkinitrd" everytime, can anyone help me?
You will need to provide much more information on your install problem. I suggest following the http://wiki.openvz.org/Quick_installation very carefully and realizing that you must be an experienced Linux system admin (or willing to learn -many hours of trial and error, and reading) to understand what OpenVZ is all about and how to use.