This is the way I used to create AWS instance for xubi.me. Hope that help.

OS: Ubuntu 14.04 LTS

Creating Amazon AWS account

Go through AWS page for registration.

Normally, you must waiting within 24 hours for active account.

Launch the instance

Login to AWS console and click on “Launch Instance” in EC2 Dashboard

Select the suitable instance

Click on “Preview and Launch”

Don't be shy, just click Launch

Download key pair and save it at a safe place.

Connecting with the instance

In my case, I save it at Desktop (just a sample place, lol):

/home/user/Desktop/aws_xubiweb_key.pem

Let’s access instance by using IP instead of using DNS as AWS guide :D

In the Description Tab you can find Public IP easily:

Access by using IP:

ssh -i /home/user/Desktop/aws_xubiweb_key.pem instance_username@IP_ADDRESS

instance_username: Instance User name, default: ubuntu
IP_ADDRESS: Replace by your instance IP

Change IP by identity

Add in the first line of /etc/hosts :

IP_ADDRESS aws-xubiweb

Now you can simply access by using:

ssh -i /home/user/Desktop/aws_xubiweb_key.pem ubuntu@aws-xubiweb

Change SSH config

sudo vi ~/.ssh/config

Add in the first line:

Host aws-xubiweb
User ubuntu
IdentityFile/home/user/Desktop/aws_xubiweb_key.pem

That’s all. Now you just type:

ssh aws-xubiweb

Opening necessary ports:

Go to Security groups

Click select on "lauch-wizard-1" group

Click on tab Inbound and Outbound -> click edit and add like this:
Inbound:

Outbound:

That's all the configuration for AWS which will be used for launch Odoo instance.

Follow AWS series for more details.