Even with the new version of VMware Player 4.0.4 you are still required to patch their sources. So, same game as last month. Just changing the value of the required version in the kernel patch script of Stefano Angeleri (weltall) and you are done:
Please change line 8 at the top of the script like so:
Save your modification and then run the following commands:
sudo rm /usr/lib/vmware/modules/source/.patched
sudo service vmware restart
And again, on first start VMware will present you their EULA which you have to accept, and everything gets back to normal operation mode.
Interestingly, one day ago the Ubuntu repositories provided a newer kernel version 3.2.0-25, so everything is running fine for now.