If you prefer to use your favourite download manager to do the job rather than the VMware Player's built-in update feature you are at the right place.
First get 7-Zip (www.7-zip.org) or any other utility that can extract *.tar files.
Open your web browser and head to,
http://softwareupdate.vmware.com/cds/vmw-desktop/
You will see a list of directories and files, do not click on them rather append player/ or ws/ to the address field of your web browser and hit Enter key, now enter the "latest version number"/ you find on this page (currently 3.1.4), then the "build number"/ next add windows/, and at last packages/, hit the Enter key after keying in each choice. If you wish you can take the path to the packages available for VMware Workstation (tools are the same for both products).
Path to packages as on 31Aug2011:
http://softwareupdate.vmware.com/cds/vmw-desktop/player/3.1.4/385536/windows/packages/
http://softwareupdate.vmware.com/cds/vmw-desktop/ws/7.1.4/385536/windows/packages/
Once you have the downloaded the tar package right click on it and extract the contents using 7-Zip, now run the .exe executable file you just extracted and it will install the tools ISO (windows.iso if windows package) and it will be available for installation via Easy Install or for manual installation.
The executable does not show any install completion message so launch Task Manager and make sure the .exe file has exited.
Look inside Program Files directory (Mine C:\Program Files (x86)\VMware\VMware Player\linux.iso) for the ISO's if you need them.
Look inside Program Files directory (Mine C:\Program Files (x86)\VMware\VMware Player\linux.iso) for the ISO's if you need them.