AndroiVMPlayer is built on on VirtualBox it provides a performance increase to our installed Android (AndroVM's built in Android Virtual Machine, see Official Page )
What you want to do is just install Android as i mentioned in the post (AndroVM).
Just extract the zip file into a place where you like. (Zip 32-bit, Zip 64-bit Download appropriate version for your operating System).
Right click on AndroiVMPlayer.exe , then from the menu, Send To > Desktop (Create Shortcut) .
Now on Desktop there will be a icon
Running the AndroVMPlayer
Now right click on it and Run it as Admin
Now select a Resolution that you like and Android you previously installed.
Some time it says Virtual Machine (VM) is in incompatible state. It is due to the state of VM inside your VirtualBox is Saved.
So you should open the AndroVM using VirtualBox (Start),
then close it and PowerOff the Machine.
Now start your AndroVMPlayer