How to create Local Repositories in RHEL

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http://unix.stackexchange.com – I need to create a local repository in RHEl 5.5. i386 Because when I type some command in terminal it say that RHEL is not subscribed with RHN which is true. I took it from friend . So can someone tell me how to achieve this target. Note :: RHEL is installed on virtual box and Host system is Ubuntu (HowTos)