anyway to maek VMware workstation or VMware player run off from a usb drive in another system & without admin rights? 
VMware itself needs a OS to run on.
What exactly do you want ?? U can use a Live CD of the OS u would be running on VMWare.
Once VMWare is installed, the guest OS files can be on a USB disk.
Are you saying the VMWare executable itself be on USB? That won’t work as such… VMWare needs to be installed. It won’t work without installing some drivers.
Yup that way u can use 2 OS at same time.
For USB u can use DSL or a USB based ditro.
you peeps know wat i mean by portable apps..
u copy the vmware exe to a usb device & put it in some computer & exec & start the vmware from the USB disc WITHOUT any installation of requirements of admin privilage .
i dont want to boot from a another cs in the host system…
from google, its’ clear tat noone has yet accomplised this..
however if this was done , it’d be awesome.. 
It is clear from google, because it is not possible.
Simple explanation:
The kind of virtualization done by VMware, requires kernel mode components. Installing said components requires admin privileges. Thats all there is to it.
Is there any reason you need a portable VMWare install? Perhaps we can suggest some alternatives - believe you me, they do exist for many purposes.
^^ what are those alternatives? Can u please name them and for what purpose?
You can try QEMU. I think it can do without the kernel mode drivers and all. I think this holds true even with the accelerator module (which is essential for most operation). I can verify if need be.
^not feature rich like vmware or even microsoft virtual pc for tat matter..
Its feature rich enough for many purposes. In fact you can do most of what you can accomplish with VMware workstation save some of the snapshot stuff. But once again, if you need networking support, you will need admin privileges.