Steps to access Django application hosted in VM from Windows 7 client
Maybe this could help you a bit, although my set-up is slightly different. I am running an ASP.NET web app developed on Windows7 via VMware fusion on OS X. I access the web app from outside the VM (browser of Mac or other computers/phones within the network).
Here are the needed settings:

Network adapter set to (Bridged), so that the VM has its own IP address
Configure the VM to have a static IP

At this point, the VM is acting as its own machine, so you can access it as if it were another server sitting on the network.
We have developed an application using DJango 1.3.1, Python 2.7.2 using Database as SQL server 2008.  All these are hosted in Win 2008 R2 operating system on VM.  The clients has windows 7 as o/s.
We developed application keeping in view with out VM, all of sudden client has come back saying they can only host the application on VM. Now the challnege is to access application from client to server which is on VM.
If anyone has done this kind of applications, request them share step to access the applicaiton on VM.  
As I am good at standalone systems, not having knowledge on VM accessbility.  
We have done all project and waiting to someone to respond ASAP.
Thanks in advance for your guidence.
Regards,
Shiva.