What are you trying to do with the VM? Player is just a 'player'. No VM modifications made through Player.
This is incorrect. This "used" to be the way that VMWare Player worked, but VMWare changed this behavior with version 3.0 around a year ago and you can now create, modify, change VM's all you want.
VMware Workstation is the paid for product. It's more sophisticated than VMWare Player. The latest version of Workstation is $189. it allows more functionality like multiple network configurations on the host, snapshot capabilities on the VM's, etc
Personally if I had a paid for copy of Workstation, that is what I would use. But I've evaluated my needs and determined that I don't have a need to pay $189 for what I need from a VM at home. And I use their enterprise products at work, so I do understand the functionality that I don't have.