So I created a new vmdk for Windows 7.
Started VMplayer and had it boot off of the dvd created from the Win7 iso.
Let me tell you, when the installer starts expanding all of the files and copying them over, my laptop came to a screatching halt. It wasn't memory or CPU bottlenecks, but disc I/O.
Once everythign was installed it ran very well. I'm going to play with it and install some of my legacy apps on it and see how it runs.
I suggest those that are adventurous to give it a shot.