Create Ubuntu Aws AMI on Local Machine (S3 backed)

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http://serverfault.com – I Have followed a tutorial http://www.theserverside.com/discussions/thread.tss?thread_id=62307 (2nd link mentioned 1st link is not working) to create Ubuntu AMI from a running instance, I want to create AMI as specified in description to create AMI on Local system so that I can save cost of running instances, and upload it on AWS, Is it possible ?? (HowTos)