I was greeted with the following dialong when trying to start a Windows Server 2008 virtual machine in VMware Player on my 64-bit Windows 7 laptop:
The provided link explains the requirements for running a 64-bit guest in VMware products but the dialog pretty much tells me what I need to do:
After performing the required configuration I once again started the Windows Server 2008 virtual machine and it booted as expected. My HP EliteBook 8560p also had an option Virtualization Technology for Directed I/O which I kept disabled. I am not sure if it is supported by VMware Player 4.0.2 or not.
VMware has a utility that can be used to determine if the host processor is capable of running 64 bit guest operating systems.