VMware Player Virtual Network Editor

Step 1: Extract all the contents in the installer package.

C:\Downloads>VMware-player-4.0.4-744019.exe /e C:.\extract

C:\Downloads>cd extract

C:\Downloads\extract>dir
 Volume in drive C is OS Drive
 Volume Serial Number is 28EB-171D

 Directory of C:\Downloads\extract

15/08/2012  01:40 PM    <dir>          .
15/08/2012  01:40 PM    <dir>          ..
15/08/2012  01:40 PM            24,440 bootstrap.lua
15/08/2012  01:40 PM             2,411 common.lua
15/08/2012  01:40 PM            30,511 keyboard.cab
15/08/2012  01:40 PM         2,855,112 network.cab
15/08/2012  01:40 PM        19,262,287 ovftoo~1.cab
15/08/2012  01:40 PM        15,132,466 ovftoo~2.cab
15/08/2012  01:40 PM           392,794 perfmon.cab
15/08/2012  01:40 PM         4,286,867 upgrad~1.cab
15/08/2012  01:40 PM         5,225,304 vcredist_x64.exe
15/08/2012  01:40 PM         4,485,976 vcredist_x86.exe
15/08/2012  01:40 PM         5,091,328 vmware player.msi
15/08/2012  01:40 PM       121,302,678 VMware-player-4.0.4-744019.exe
15/08/2012  01:40 PM           784,024 vnetlib.dll
15/08/2012  01:40 PM           761,496 vnetlib.exe
15/08/2012  01:40 PM                 0 windowsinstaller20.exe
              15 File(s)    179,637,694 bytes
               2 Dir(s)  40,682,328,064 bytes free

C:\Downloads\extract>

Step 2: Extract and copy the vmnetcfg.exe from the network.cab file to the VMware Player installed directory (eg: C:\Program Files\VMware\VMware Player).

Step 3: Launch vmnetcfg.exe and have fun! :-)

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UPDATE:
VMware Player v5 installer does not include the vmnetcfg.exe anymore.
Get it from the core.cab in the VMware Workstation v9 installer.