When you install a new kernel you need to run as root.
vmware-modconfig --console --install-all
Searching for a solution for you I have tried vmware on a fresh install of vl7.0soho which uses the 3.2.6 kernel, and can tell you you are going to run into problems, even if you get all of you kernel header issues sorted out.
You will most likely encounter a problem with the networking module and get an error that reads "Unable to install vmnet"
If you are willing to reinstall vl7.0 using the install cd, I just double tested and I can confirm the tutorial works. I even installed vl-light inside the vmware virtual machine and I can tell you what your next problem will be if you go that route.
No internet connection for the virtual OS. (This may be because I am using wireless internet and a wired system may get a different result, I don't know.)
edit. Just installed vl7.0std32bit in vmware installed with 3.0.8 kernel. Did not have any problem with internet, but for some reason I had to use the text installer mode as the gui installer would just fail.
The magic combination for the tutorial seems to be ...
1) Your Vectorlinux system must be installed via the "Install CD" and not the "Live CD"
2) Stick with kernel 3.0.8
3) Follow the installation tips from the tutorial.
4) Start the hal daemon (hald as root) before starting vmplayer
Bet, virtualbox is sounding pretty good right now.