VMWare Workstation (by default) automaticall installs VMWare tools. Since you're running older version of VMWare Workstation, your VMWare tools version is also outdated.
However, now you're trying to install newer version of VMWare player which requires newer version of VMWare tools.
Therefore, it is obvious that you get the above mention error. Also note that you cannot run two different version of VMWare tools simultaneously.
Best Choice : Uninstall older version of VMWare Workstation and install new version of VMWare Workstation (version 8.x.x. build-xxxxx) along with VMWare tools. here is the link
(Just a) choice : Remove new version of VMWare player (version 4.x.x) and install older version of VMWare player that matches to your existing VMWare Workstation version. (Here I assume you have installed your existing VMWare Workstation along with VMWare tools.)
Hope these information will guide you :)