I've tried Manage previously without success.
So there are ISO images locally - good to know...
I found two images inside C:\Program Files (x86)\VMware\VMware Player one 'Windows.iso' and one 'winPre2k.iso'.
I run the later as ISO image for the CD-ROM and it installed properly, providing the missing features,but when I shut down the host and changed the res to a wide ratio one, at the next boot it gave me an error that the vmware tools were not for that player or something. So after reboot, I went into the image contents and I run VMwareToolsUpgrader9x.exe (there was a VMwareToolsUpgraderNT.exe too). No more problems after shut-down and I found that the window mode works fine too. Thanx for your assistance!
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BTW a couple of issues as a feedback: Some times, I couldn't eject the CD-ROM by pressing the physical button. I could only eject it by selecting 'eject' in the windows explorer in the host OS (Windows 7).
Also, for the other guest OS I have (XP Professional), I have noticed that when I shutdown the guest OS, it causes problems to the host OS, I even had BSOD yesterday.