If the Guest has been configured with a VMware Shared Folder or the Host has Industry Standard SMB/CIFS Shares enabled then yes from a File > Open dialog box one should be able to access files on the Host's Filesystem.
BTW... If you're going to be redistributing VMware Player then you need to fill out this form and if it's for commercial use then you'll need a VMware Fusion Professional License Key unless VMware Player is running as a part of VMware Workstation's install. In any case, one needs to follow the EULA for the product in question! 