Copy the Makefile, bios.S and bios.ld from above, or extract the files from the archive below to a directory
run make. You should end up with a 512 KB bios.rom file
Copy bios.rom to your target VMware image directory and manually edit your .vmx file to have the line:
bios440.filename = "bios.rom"
Edit your virtual machine settings to make sure it has a serial port.
Otherwise, you can use either use an actual host COM port (you'll need a null modem cable to another serial port), output to file (which is the easiest way to confirm that the BIOS works, as you will see some output there, but you won't be able to test the repeater) or a named pipe (with the end of pipe set for an application such as putty - the problem with using a pipe however being that you can only connect to it after the VM is started, so you will likely miss the initial serial output).
The Serial port needs to be set to 115200 bauds, 8N1.
Run the machine. You should see an "hello world" message printed out, and, provided your serial configuration allows input, anything you type should be echoed back on your terminal