I am considering running a virtualized OS X running system within my PC on VMware Player. I want to do this so that I can run Xcode.
Can I do this?
Actually, it's a complicated little issue. While it isn't supported by Apple's Terms and Agreement, it is possible to run Mac OS X in VMware. However, you would need an unlocker of some sort, that provides a copy of Darwin.iso, and a few other tools for debugging and overall performance on virtual hardware. From there, you would then need to modify VMware as well (also done via an unlocker), seeing that it doesn't support Apple software by default. It's also noted that using an AMD cpu/apu will require additional kexts and verbose-mode commands during boot-time to run properly. When this is all handled, you should be able to run almost any version of Mac OS X, as demonstrated here (in fact, I'm currently using this vm on an Intel Core i5 to post this answer online - for testing purposes):
In fact, this exact video uses VMware Player. I haven't gotten this to work for Workstation 12 (after weeks of debugging and trial-and-error), so I would assume that there is a compatibility issue with Workstation in the current version.
WARNING: I do not endorse the misuse of Apple products. I am simply answering a question from knowledge and experience, to correct a widely-supported assumption that is untrue.
As such, yes - it is possible. But NO, you should not do this for anything beyond testing purposes (even if it is FREE with an AppleID).