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I read in a linux magazine a while ago an article about creating a chrooted partition for secure shell accounts on your machine. Well simply put it looked quite long and detailed and I was wondering if there was any utility that would make such a job take a lot less time?

You could write a script to do the basic common stuff for you, other than that I don't know of anything. BSD probably has a utility as it is quite common on that OS (they call it a "jail"). If you want to take it even to more of an extreme use UML (UserMode Linux).