I used to have a license for VMWare WorkStation 9 which let me create & run VM's but that was back when I was a student and got it through the University. Now I have a need to create a new VM but I don't have the cash to buy a new license, since there's the free Player to play the VM's is there a free program to create the VM's?

I'm more than a little confused when I checked their products page, it's all ESX hosts and HyperVirtualization software.