Look: all the errors you are having are Page Fault related. PAGE_FAULT_IN_NONPAGED_AREA directly means that a PF occured in a memory area that mustn't be swapped under any curcumstances. IRQL_NOT_LESS_OR_EQUAL means that an exception occured when IRQL was higher than its handler 's (and PF IS an exception, and by far the most frequent one). In many cases it happens when a driver sets IRQL to >=DISPATCH_LEVEL (the level the system dispatcher runs at) and tries to access a page that is not present in memory. KERNEL_MODE_EXCEPTION_NOT_HANDLED_M can also be PF-related. It might indicate a driver (not necessarily poorly written, the developer might just hadn't thought an error could possibly occur in THAT place) that doesn't handle a memory allocation error, or that a PF has occured in a code that itself takes part in PF handling. As you can see, they all tell us that a PF has occured in the place where it couldn't (from the guest's POV) or wasn't expected.

Since the crashes are perfectly random, happen in vital parts of the OS that just can't be broken (since the OS can boot) and happen exclusively inside the VM and NEVER on the host, I conclude that they are related to the VMWare's engine. It seems that the VMWare's memory mapping mechanism is not perfect and some PFs it generates are leaked to the guest. So, when the guest's memory is swapped excessively, and the guest uses loads of memory (the SBS bundle installs many memory-hungry apps including Exchange), these leaks can easily occur in places where they crash the guest (since the engine is designed to work with ANY guest and can easily swap its memory promiscuously when it needs to).

So, to fix this issue, you need to tell the VM engine to swap the guest's memory less vigorously. I lowered the "allow guest memory swapping" setting (edit->preferences->memory) from "allow most" to "allow some" and reduced "memory available to all VMs" (the same place) to reduce PFs generated by the host by swapping vmware-vmx's memory. I have also tried choosing "Intel VT-x/EPT ..." (VM->settings->processors->execution mode): the bundled help says it uses hardware extensions for paging and thus might do mapping with fewer leaks. However VMWare reported my HW didn't support hardware virtualization so it didn't make sense for me.

Thanks for reading my post to the end, and good luck in using VMWare! That's a great piece of soft, one just need to get it right sometines :^)