VMWare Player 4.0.2 doesn't like the latest kernel that is available for Fedora 16. A bit of patching is required.

http://weltall.heliohost.org/wordpress/2012/01/26/vmware-workstation-8-0-2-player-4-0-2-fix-for-linux-kernel-3-2-and-3-3/

A big thanks to those that posted the solution.