Any oracle dba tell me about the version of vmware workstation version which I have
ie,7.1.4 which is good for redhat linux oracle 11g/10g

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depends on Your hardware much more then workstation version . You need to have at least 2gb ,better 4 available for enterprise installation, 1gb for express
that depend upon which host O.S u used ....

means on which machine (O.S) you  install vmware..

minimum requirement for

11g for  ram atleast    4 gb
10 g fro ramatleats    2 gb

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