After certain features added to OpenERP version 7, it has been renamed to Odoo in version 8. So, to install and run Odoo in Ubuntu 14.04, it did this way,

First of all, i downloaded Odoo source code from GitHUB.

Then, i created postgresql database user as,

After that, i installed the dependencies for python as,

Also, i need to install less css via nodejs as,

And, Finally, i run the application as,


Its that simple. Cheers!!