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I just tried upgrading my 1011 vm and it seems to of worked well in the past and especially depending on how osx was made to work in a vm upgrades would break the vm with the last couple of osx versions and now 1012 apple has slowly increased compatibility with vms as i understand. We have earlier published a guide to install and use mavericks on vmware with windows host by any chance you like to try the apples new operating system yosemite on windows pc or laptop with virtualization software vmware workstation or vmware player you can follow this step. For vmware player fusion and workstation virtual machines if you connected the virtual machines virtual cd dvd drive to an iso image file when you installed the operating system change the setting so that the virtual cd dvd drive is configured to autodetect a physical drive. I am afraid of losing my vm inside the vmware player i have a ubuntu 1204 as a guest os inside the vmplayer obviously i can create a latest version of vmware 500 and create a new vm ubuntu insdie it then i will have to migrate all my applications insdie the ubuntu into the new vm