When attempted to Power on. And it advise to re-install. But I'm not confident re-installation would fix it? I'm using defaults all the way. My OS is Windows 7 Professional (SP1), Intel dual core CPU T6570, which I checked supports Virtualization Technology. How come?
Have a look at this thread: http://communities.vmware.com/thread/328389?tstart=0. There are a couple of ways to solve the problem, so I would read through the whole thread.
Hope that solves your problem!