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During installation VMware gives a warning about CPU speed : " VMware Workstation has measured your CPU speed to be 2394 MHZ, but Windows reports that it is 2401. This may mean that your computer has a power saving feature that varied the processor speed. As a result, the clock in your virtual machine may run too fast or too slow." See the attached screenshots. That explains why the time is off betwee host system and running virtual OS. This can be corrected by enabling the time synchronization option in VMware Tools.
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Installing a 64-bit Guest OS on a 32-bit machine:
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