The Virtual Network Editor (vmnetcfg.exe) is not extracted during the installation and it is really needed if you want to mess around with the virtual network settings on the host OS.
It is a problem if you have different network adapters installed, like eg Bluetooth, WiFi, Hamachi etc
Extract cab files
You can extract all files from the installation by using the option /e and a destination folder is supplied
C:\Download\vmware>VMware-player-3.1.3-324285.exe /e .\extract
Change to the subfolder and find the file network.cab, open it in eg Izarch and extract vmnetcfg.exe to the vmware player installation folder. You can also create a shortcut in your list of program files if needed