If the current version of VMware Player is doing what you need it to do then I'd strongly suggest you leave well enough alone! 
That said you shouldn't have to be told to backup your VM so in the event there is an issue with upgrading you can uninstall the newer version then reinstall the older version and restore your VM if need be... but just in case... backup your VM before doing anything!
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Re: Upgrading VM Player from 3.01 to latest version?
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