If you try to install Windows 8 Developer Preview on VMware Player 3.1 you will get an HAL_INITIALIZATION_FAILED error starting the installation of Windows 8. This error because VMware Player 3.1 do not support ACPI 2.
It’s possible to “virtual” install Windows 8 on VMware Player 4. But there is a problem, VMware 4 is not available for download as standalone (until now). You must download and install VMware Workstation 8 (demo version), that include a free version of VMware Player 4. This is the link to download it:
I installed the ubuntu version on xubuntu 11.04 and the installation of Windows 8 on VMware Player 4 went fine.