To create a virtual machine that can run an OS/2 Warp v4.52 guest operating system, do the following:
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When creating the virtual machine, in the Select a Guest Operating System page of the New Virtual Machine wizard, select Other for the guest operating system and Other for the version.
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After the virtual machine is created, use a text editor to open the .vmx file for the virtual machine and make the following changes:
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Edit the property guestOS = "other" so that it is guestOS = "os2".
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Add the property svga.noWidescreenVBE="TRUE".
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Luca's Space 
Yes but how do you actually install it when you only have a usb floppy drive ??
I’ve made the image of OS installation floppies and mounted as floppy on VMware.
Here you find a small tutorial for making floppy image if you have linux…
Is there a way of increasing the monitor resolution beyond 640×480 (e.g. to match my host system)? I have set the vmplayer checkbox to match it, but OS/2 still boots up in 640×480.