Here is my IPCONFIG /ALL from the host (Windows 7 64-bit):

Here is my IFCONFIG from the guest (Ubuntu 10.04):

To be honest, I don't have experience configuring a network between a host and a guest in VMWare (a virtual machine). I've searched high and low on the internet, but I haven't seen anything that can help. Perhaps I'm just not using the right keywords when I search. Nevertheless, does anyone here have any experience with establishing a network connection?

Edit: One important note. I don't use DHCP to provide private addresses to the hosts on my LAN. I use "static" IP addresses on my internal network by configuring each IP address manually in the host's network configuration utility (I have TV's, XBOX 360, and a few PC's). I would like to configure the IP on the virtual machine guest manually as well. The reason is because my XBOX 360 only works properly using a static IP address. It will kick me off XBOX Live if it has one given by the router (via DHCP).