As I described in a separate thread, I installed VM Playesr 3.1.5 with XP Mode. That is just two days ago.
When I opened VM Player, it prompted to download Vm Player 4.01 (not 4.02). Leave it for a few minutes. Then, it starts to download. I let the computer does the job. It automatically reboot the computer and uninstalled v. 3.1.5. The computer rebooted by iteself and started to install v. 4.01. Everything goes smoothly. A few minutes later, it will prompt to download VM tools ( I assume that thse are for v. 4.01). It downlaoded and insalled. Just be patient. Save your energy. Let the computer does the job. My VM Player runs excelelnt now (but with minor two errors which I am going to post soon).