I don't have a system with VMware Player installed (without VMware Workstation), so you may want to check whether the installation directory contains the vmrun.exe command line tool which has an option to delete snapshots. If this is not included you can clone the virtual disk to a new one using the vmware-vdiskmanager.exe command line tool. As the source disk you have to specify the .vmdk name which shows up in the .vmx file.
Sample command:
c:\<path-to>\vmware-vdiskmanager.exe -r fedora-14-00000x.vmdk -t 1 fedora-14-clone.vmdk
Once done replace the entry in the .vmx file with the new new file name, you used in the above command.
André
