This is the result of hard work from the guys at Android X86 building Live CDs and VM ports for PC and Laptops/ see their website and google groups for help Its not my work but I did customising and get some bits working. I thought I share my build to save some time.

Known bugs in the build.. it times out in 30min and
you cant unlock the phone (you slide the lock on screen)
you will have to power of the vmware and reboot if happens
also rebooting it comes in portrait.. and the mouse is
reversed also.. makes it a tricky beast.. but move
up to the rotation locker app and click it and get
to click LANDSCAPE will fix it in place until
you reboot or some app somehow undoes it again. it can be fun!
they are minor issues though

You can experience the full Android 4.0 as if its a real
phone without the sensors and 3G of course
and Wifi but it has a special LAN ethernet built
in which works in Bridge mode or NAT mode

so what works SOUND, VIDEO and Internet and PEER TO
PEER Tool like AndSMB

Has some games pre installed some apps dont work
as use ARM direct accessing and this OS kernel
is x86! inTel CPU

Also no google market but theres an alternative
plus you can google and download any direct APKs
and install them via file manager

I use AndSMB to connect to my NAS system and laptops
windows shares where I stored my backup of apps.

it flies on a i7 PC :)

How to get it to work

1) first you need to source VMWARE 7.14 or VMware 8.04
workstation (search p2p for it)

2) Unrar the contents to any drive

3) start vmware and drag the file inside the Android X folder
ending in .VMZ to the favourites side bar and it will
simply add it

4) now edit the settings and disable the ISO for cdrom
i didnt include it as its already installed on this
hard drive image

5) then just click PLAY and enjoy Android and the
apps on it

its ROOTED (super usered) also so be careful use snapshots in vmware
if playing with mods.

Download: