My OS is Windows 7. I installed VMware version 7. I am running Mac OS X virtually. But I am not able to access to internet. I am using wireless internet in my host box (Windows 7).
I also tried the bridged mode, but it's also not working.
Try switching to bridged networking mode. When just trying to let a VM access the Internet, I've found it's easiest to use bridged networking so it appears as another networked computer.
I had this problem and, after making sure all of the settings were correct and still not being able to connect, I just restarted my virtual machine and it was fixed. Simple, but worth a try!
I may have my terminology wrong here but bear with me:
Is there some settings I can play with to speed this up?
This sounds like a DNS issue as opposed to a VMWare issue. The network is obviously working as you can get out to the internet (albeit with delays).
Check what is in /etc/resolv.conf on the guest and ensure that you can reach all the nameserver machines listed in there.