This is what I did to get Android 4.0 (x86 version) to work in my Vmware Player.
First, download and install Vmware Player.
Then, download the installation image (cd-image) of Android from Google: http://code.google.com/p/android-x86/downloads/list (I tried android-x86-4.0-RC1-eeepc.iso in this example).
Creat a new virtual machine to run the installation:
Point the “Installed disc image” to the android-x86-4.0-RC1-eeepc.iso file you downloaded:
Choose a install directory, where you’ll keep the virtual machine folder.
Make a small drive. 1 gig is enough.
and increase the memory to 512 megabyte. (or more)
Select INSTALL. You can also run the live CD. But I prefer to install the OS. If you choose live cd, you don’t need to do anything after this step, except enjoy your android.
Then: Create/Modify partitions <-- Press enter. Choose [ New ] <-- Press enter. then [ Primary ] <-- Press enter. Size (in MB): 1069.29 <-- Press enter. Then: Choose [ Bootable ] <-- Press enter. Choose [ Write ] <-- Press enter. type yes <-- Press enter.
Now the disc is being prepared:
Choose [ Quit ] <-- Press enter.
Now select sda as the install partition:
Choose a file-system. I tried ext2 and ext3. Take whatever you like.
Install the GRUB bootloader.
File-system writable? If you want a writable file-system, choose yes.
You are done. Choose Run Android-x86.
Note: This version has NO ethernet support. You can find a version that supports sound and ethernet here: http://www.buildroid.org/Download/android-x86-vm-20120307.iso.gz (thanks to source: http://www.android-dev.ro/2012/03/17/android-x86-4-0-rc1-for-virtualbox-is-released/ )
More info can be found on http://www.android-x86.org/