1.After installing VMWare server, go to Start->All Programs->VMware->VMware server->Manage Virtual networks
2.Go to Automatic Bridging and uncheck the checkbox "Automatically bridge an available physical network adapter to VMNet0". Apply
3.Now go to Host Virtual Adapters, delete all of them except one. Apply.
4.Go to DHCP and NAT, stop the services and remove DHCP subnets. Apply.
5.Now go to Host Virtual Adapters and make it look kinda like this:

Note, in my case, Fujitsu Siemens card would be the "torrent" card. You can have bridged that to whatever VMNet you want, also make sure you have a "VMware Network Adapter" bridged to some other VMnet.
6.OK.
Now we have this: VMnet0 - "torrent" connection; VMnet8 - "VMware Network Adapter". If it's different for you, just change the numbers when I mention them.
7. Now you want to make sure that the host OS does not use the "torrent" connection. Go to Network Connections, right click on that connection ->properties and uncheck all items in the list except "VMware Bridge Protocol"

8.Go to the properties of VMWare Network Adapter VMnet8" and give it an IP address so that it does not conflict with existing subnets (I'll use 192.168.6.1, subnet mask 255.255.255.0) and no Default Gateway or DNS IPs.
Network setup finished.
9. Now start the VMware Server Console, File ->New->Virtual Machine
10. Next.
11. Custom config. Next.
12. I assume you will be using Windows XP, so select "Microsoft Windows" and choose Windows XP (home or pro) from the drop down menu. Next.
13.If you want, you can make up a name for your virtual machine, also set where the virtual machine files wil be located (that drive needs to have at least 5GB free space).
14.This you can leave checked or uncheck. If checked, only your user will be able to access the machine. If unchecked, you will be able to make the machine start automatically when you start the physical computer. Next.
15.This is where you can set it. If you unchecked the checkbox in step 14, you can give the machine to "Local system account" and you will have the option to automatically start and shutdown the virtual machine when you turn your computer on and off respectively. Next.
16.Unless you have a very fast internet connection and a slow multicore CPU, one CPU will be enough. Next.
17.You should allocate at least 512MB RAM, though this depends on how much RAM you actually have. uT can work with 256MB as well. Next.
18.Choose "Do not use a network connection at this time". Next.
19.Just leave SCSI adapter as BusLogic. Next.
20.Create a new virtual disk. Next. IDE. Next.
21.Size - set 5-8GB, depending on how much free space you have, check "Allocate all disk space now". If the file system on the hard drive is FAT32, check "Split disk into 2GB files". Next.
22.You can leave the name as is. The file will be created where you chose the location for your virtual machine. Next.
The virtual machine is created, now we have to add two network cards for it.
23.Click "Edit virtual machine settings". You'll get something like this, but without the network cards:

24.Click Add... Next.
25.Ethernet Adapter. Next.
26.Custom - select VMnet0 from the list. Check "Connect at power on". Finish.
27. Repeat steps 24-26, but this time choose VMnet8.
Now you have a virtual machine with two network cards and a network like this:

28. Now, mount Windows install CD (or its image) as the CD drive of the virtual machine and install Windows there.
29. Install VMware tools on the virtual machine (VM->Install VMware Tools).
30. Share a hard drive on your host OS where you keep the files that you download/seed (let's say the name is BitTorrent).
31. In the guest OS, configure the VMnet8 network card to have IP address 192.168.6.254, subnet mask 255.255.255.0, no gateway or DNS. Configure the VMnet0 network card as you would your real "torrent" connection. If it has dynamic IP, most likely it is DHCP ("Obtain IP automatically).
32. Connect to your shared hard drive on \\192.168.6.1\BitTorrent, map it as, say, Z:.
33. Copy uTorrent to the guest OS and start it.
Now, anything that you run in the guest Os will use the "torrent" connection. Anything you run on the host OS will use the "normal" connection.