Can I access data on Windows outside VMWare from within the OS X VM? I am running OS X Mountain Lion on VMWare Workstation installed on Windows 7. How can I access my Xcode projects outside VMWare (i.e. from host)? I know I can do this by copying projects in the shared folder of my machine.

Can I have a folder on host where I can create Xcode projects from within VMWare? I want to do this because VMWare may crash and I may want to keep all Xcode projects safe and access them from host.

Any ideas?
Sure you can. You don't have to use the shared folders set by VMWare. You can create new ones on you host in the Options > Shared Folders tab in you VM's settings. And they can be located everywhere. I don't know if there are any restrictions from xCode where you project files have be be saved but the new shared folder should be accessible from your OSX VM without any problems.