While system-directed checkpointing can be implemented in various ways, for example by adding checkpointing support in the memory controller or in the operating system in otherwise standard computers, implementation at the hypervisor level enables the necessary state information to be captured efficiently while providing a number of ancillary advantages over those prior-art methods. This disclosure details procedures for realizing those advantages through relatively minor modifications to normal hypervisor operations. Specifically, by capturing state information in a guest-operating-system-specific manner, any guest operating system can be rolled back independently and resumed without losing either program or input/output (I/O) continuity and without affecting the operation of the other operating systems or their associated applications supported by the same hypervisor. Similarly, by managing I/O queues as described herein, rollback can be accomplished without requiring I/O operations to be repeated and I/O device failures can be circumvented without losing any I/O data in the process.