Basically I own a license of VMWare on my Mac. I want to create the VMs on the Mac and then run them on my Windows 7 laptop. Is this doable and legal? Or do I need to buy another copy of VMWare for Windows? Can the VMWare Player run them on Windows 7 and is that free?
Yes you should be able to create a VM on your Mac and run it on Windows using VMWare Player. See this Stack Overflow question.