Yeah, I did that too but even that didn't work
In the meantime, I had reinstalled VMPlayer and VMWizard in Windows XP and tried installing Suse again (just to see if this problem is due to any of these softwares) and VOILA! I reached much ahead in installation (ie. I was able to select Time Zone during installation under virtualisation and proceed further for software selection). Although I still failed to install Suse as some error showed up in virtual screen and I had to abort (I was able to install Suse earlier from the very same DVD)
Well, this atleast confirms that all these problems were caused by VMWizard/VMPlayer during my previous installation of Suse under virtualisation. Only what these softwares actually did is unknown.
Anybody familiar with these softwares or virtualisation??