"The trick for Safemode is speed and focus!
You have to click your mouse into the VM window right at bootup and you have to press F8 like a billion times during bootup. You have to do it starting when you see the VMware bios screen. If you see the Windows XP logo, you didnt succeed.
Also make sure you dont have to press a function key or something to make F8 work. I have a funky Windows keyboard that I use that I have to press a button before F8 works right. "
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"If you happen to have a Mac Book/Mac book Pro you need to actually press 'Fn + F8'...."
http://communities.vmware.com/message/735082