Below a step by step guide to installing Odoo V8 latest from source on a clean fresh install of Ubuntu 14.04 x64 server 

#1

sudo apt-get update
sudo apt-get upgrade

#2
sudo apt-get install python-dateutil python-decorator python-docutils python-feedparser \
python-gdata python-gevent python-imaging python-jinja2 python-ldap python-libxslt1 python-lxml \
python-mako python-mock python-openid python-passlib python-psutil python-psycopg2 python-pybabel \
python-pychart python-pydot python-pyparsing python-pypdf python-reportlab python-requests \
python-simplejson python-tz python-unittest2 python-vatnumber python-vobject python-werkzeug \
python-xlwt python-yaml python-matplotlib python-pychart python-webdav \
graphviz ghostscript postgresql-client 

sudo apt-get install gcc python-dev mc bzr python-setuptools python-babel \
python-reportlab-accel python-zsi python-openssl python-egenix-mxdatetime \
lptools make python-psutil python-paramiko poppler-utils \
python-pdftools antiword postgresql

sudo wget http://sourceforge.net/projects/wkhtmltopdf/files/archive/0.12.1/wkhtmltox-0.12.1_linux-trusty-amd64.deb
sudo dpkg -i wkhtmltox-0.12.1_linux-trusty-amd64.deb             
ln -s /usr/local/bin/wkhtmltopdf /usr/bin/wkhtmltopdf
ln -s  /usr/local/bin/wkhtmltoimage /usr/bin/wkhtmltoimage

#3

sudo adduser --system --home=/opt/odoo --group odoo

sudo su - postgres

createuser --createdb --username postgres --no-createrole --no-superuser --pwprompt odoo
(this will ask for password. It will be for odoo user to conect to postgres. )

exit

#4
cd /opt/ 

sudo wget http://nightly.odoo.com/8.0/nightly/src/odoo_8.0.latest.tar.gz   
sudo tar -xvzf odoo_8.0.latest.tar.gz
ls   (see name of uncompressed folder)
sudo mv odoo-8.0-(change date folder you se above)/* odoo

#5
cd /opt/odoo
sudo mkdir /addons
sudo python setup.py install

#6
nano /etc/odoo-server.conf 

Copy/Paste

[Options]
admin_passwd = admin
db_host = localhost
db_port = 5432
db_user = odoo
db_password = your postgres pass from step #3
addons_path = /opt/odoo/openerp/addons,/opt/odoo/addons
logfile = /var/log/odoo/odoo-server.log
(ctrl +x   then  y  press enter)
sudo chown odoo:root /etc/odoo-server.conf
sudo chmod 640 /etc/odoo-server.conf

#7
su - odoo -s /bin/bash

/opt/odoo/openerp-server
(If everything good), good to go.
(ctrl) c
exit

#8
sudo nano /etc/init.d/odoo-server

(paste)
#!/bin/sh

### BEGIN INIT INFO
# Provides:             odoo-server
# Required-Start:       $remote_fs $syslog
# Required-Stop:        $remote_fs $syslog
# Should-Start:         $network
# Should-Stop:          $network
# Default-Start:        2 3 4 5
# Default-Stop:         0 1 6
# Short-Description:    Complete Business Application software
# Description:          Odoo is a complete suite of business tools.
### END INIT INFO

PATH=/bin:/sbin:/usr/bin
DAEMON=/opt/odoo/openerp-server
NAME=odoo-server
DESC=odoo-server

# Specify the user name (Default: odoo).
USER=odoo

# Specify an alternate config file (Default: /etc/odoo-server.conf).
CONFIGFILE="/etc/odoo-server.conf"

# pidfile
PIDFILE=/var/run/$NAME.pid

# Additional options that are passed to the Daemon.
DAEMON_OPTS="-c $CONFIGFILE"

[ -x $DAEMON ] || exit 0
[ -f $CONFIGFILE ] || exit 0

checkpid() {
    [ -f $PIDFILE ] || return 1
    pid=`cat $PIDFILE`
    [ -d /proc/$pid ] && return 0
    return 1
}

case "${1}" in
        start)
                echo -n "Starting ${DESC}: "

                start-stop-daemon --start --quiet --pidfile ${PIDFILE} \
                        --chuid ${USER} --background --make-pidfile \
                        --exec ${DAEMON} -- ${DAEMON_OPTS}

                echo "${NAME}."
                ;;

        stop)
                echo -n "Stopping ${DESC}: "

                start-stop-daemon --stop --quiet --pidfile ${PIDFILE} \
                        --oknodo

                echo "${NAME}."
                ;;

        restart|force-reload)
                echo -n "Restarting ${DESC}: "

                start-stop-daemon --stop --quiet --pidfile ${PIDFILE} \
                        --oknodo
      
                sleep 1

                start-stop-daemon --start --quiet --pidfile ${PIDFILE} \
                        --chuid ${USER} --background --make-pidfile \
                        --exec ${DAEMON} -- ${DAEMON_OPTS}

                echo "${NAME}."
                ;;

        *)
                N=/etc/init.d/${NAME}
                echo "Usage: ${NAME} {start|stop|restart|force-reload}" >&2
                exit 1
                ;;
esac

exit 0

(Ctrl = x to exit) y  press enter

sudo chown odoo:root /etc/init.d/odoo-server
sudo chmod 750 /etc/init.d/odoo-server

#9
mkdir -pv /var/log/odoo/
touch /var/log/odoo/odoo-server.log
chown -R odoo:root /var/log/odoo/

reboot 

#10
sudo /etc/init.d/odoo-server start

sudo /etc/init.d/odoo-server stop

sudo update-rc.d odoo-server defaults

reboot again
(congrats)