I am hoping this is the correct place for this question. I am new at this so my apologies in advance if necessary.

I have VMWare Workstation Player version 14.1 installed on a Windows 10 machine with one guest operating system (XP Professional if it makes any difference). I assume I should be upgrading to a newer version. Can this be done without re-installing the existing guest operating system and other programs on the existing VM? This may seem obvious but I do not want to lose my existing functionality, appreciate any advice.