I was trying to install a checked build of Windows 7 under VMWare Workstation but after the first reboot during the install (the completing installation step) the system came up with a BSOD.
It can be fixed by adding a line to the VMX configuration file:
piix4pm.smooth_acpi_timer = TRUE
Have a look at www.0x0000008e.com, it's mostly about XP and Vista but it could be a similar BIOS issue.
Thank you! I was having the exact same problem and this fixed it right up.