A Virtual Machine is just a collection of files in a folder... so with the VM shutdown, not suspended, and VMware Player closed simply replicate the folder. Then open the .vmx configuration file in a Text Editor and change the displayName option to something other then what it is and save the changes. Now double-click the .vmx configuration file to start the VM.
Note: Each copy of a VM need to be properly licensed in accordance with it's EULA. As an example with a Windows OS you need to have the appropriate number of licenses for the number of copies, and this goes for applications as well, etc.