Hmm.. I used that once or twice several years ago, so I'm no expert. However I found this >
https://technet.microsoft.com/en-us/library/ee681616(v=ws.10).aspxIt doesn't look like its as hard as you described. So maybe it is not the same thing, but it does indicate uninstalling the old version is best.
Another way you may go about it is to install xpmode
https://www.microsoft.com/en-us/download/details.aspx?id=8002that executable will prompt you for the Microsoft VM (I think) but you dont need it, if that is giving you the issue. Install that, then get Vmware player
http://www.vmware.com/products/player/playerpro-evaluation.html install that and do file>import>xpmode.