Good advice posted by Rowlando.

Run ifconfig vmnet1 in Terminal to get the inet IP address.

My output looks like this today:
$ ifconfig vmnet1
vmnet1: flags=8863 mtu 1500
ether 00:50:56:c0:00:01
inet 172.16.223.1 netmask 0xffffff00 broadcast 172.16.223.255

So my inet IP address is: 172.16.223.1.

Then, edit your hosts file in the Windows VMWare instance. This file lives here:
C:/WINDOWS/system32/drivers/etc/hosts


172.16.223.1 yourdomain.local
172.16.223.1 localhost