  We present an analysis of the FUSE and STIS E140M spectra of HE0226-4110
(z=0.495). We detect 56 Lyman absorbers and 5 O VI absorbers. The number of
intervening O VI systems per unit redshift with W>50 m\AA is dN(O VI)/dz~ 11.
The O VI systems unambiguously trace hot gas only in one case. For the 4 other
O VI systems, photoionization and collisional ionization models are viable
options to explain the observed column densities of the O VI and the other
ions. If the O VI systems are mostly photoionized, only a fraction of the
observed O VI will contribute to the baryonic density of the warm-hot ionized
medium (WHIM) along this line of sight. Combining our results with previous
ones, we show that there is a general increase of N(O VI) with increasing b(O
VI). Cooling flow models can reproduce the N-b distribution but fail to
reproduce the observed ionic ratios. A comparison of the number of O I, O II, O
III, O IV, and O VI systems per unit redshift show that the low-z IGM is more
highly ionized than weakly ionized. We confirm that photoionized O VI systems
show a decreasing ionization parameter with increasing H I column density. O VI
absorbers with collisional ionization/photoionization degeneracy follow this
relation, possibly suggesting that they are principally photoionized. We find
that the photoionized O VI systems in the low redshift IGM have a median
abundance of 0.3 solar. We do not find additional Ne VIII systems other than
the one found by Savage et al., although our sensitivity should have allowed
the detection of Ne VIII in O VI systems at T~(0.6-1.3)x10^6 K (if CIE
applies). Since the bulk of the WHIM is believed to be at temperatures T>10^6
K, the hot part of the WHIM remains to be discovered with FUV--EUV metal-line
transitions.
