I remember seing a lot of post about people that had problem running Soft-Ice in VMWare, I just found this while browsing the Compuware web site:
hxxp://frontline.compuware.com/nashua/kb/doc/1702.asp

I tested it and it work like a charm, if Soft-Ice seems sluggish you can try to lower svga.maxFullscreenRefreshTick to 3 or 4.