So everyone knows that VMware Player is free, but it doesn’t let you create virtual machines; only play existing ones.
Luckily, the .vmx file format is a simple plain-text format and there are tools out there that will help you create one.
One such tool is a web-based tool called VMBuilder.
I used it to create a virtual machine for running OS/2 Warp. It worked quite well. I donated $5 to the author, as I believe in rewarding people for good work, so that they are inspired to do more.