Add the following boot option to your guest's kernel command line in the /etc/lilo.conf file:

  clock=pit

Adding this option disables the kernel's correction for lost ticks, so be sure to also install VMware Tools and turn on time synchronization. The latter prevents the guest clock from losing time over the long term due to lost ticks.

http://www.vmware.com/support/kb/enduser/std_adp.php?p_faqid=1420