Requirements:
VMware Server Installer
MINT software for Linux (Multicast Application)
GNS3
Ubuntu image
Wireshark
Steps:
1. Install VMware software. After installation, create a new virtual machine. For steps, on how to create a virtual machine in VMware click here. Use the Ubuntu ISO image downloaded as the ISO for the virtual CD drive in the virtual machine. This would automatically boot the live cd. It will display a menu and choose "Try Ubuntu without any change to your computer." Screenshot from Ubuntu site seen below.

2. Let the Live CD run and when it fully boots up and shows the desktop, click Install Icon as seen below.

3. Once Ubuntu is done installing on your VMware, run it and it should be ready to be used the first time. Make sure the virtual NIC is set to NAT or Bridge. If this is set to bridge, your internet router should lease an ip addresses to this virtual NIC and would be on the same subnet as your real NIC connected to your internet router.
4. Check if you can browse the internet using Firefox on your Ubuntu VM. Download the MINT from http://mc-mint.sourceforge.net/. Download the latest version 1.2.
5. Ubuntu might need an update to install or compile *.tar files so we would need to update and install those updates. Execute the commands below on the Applications -> Accessories ->Terminal, just make sure you have internet connectivity on your Ubuntu VM.
sudo apt-get update
sudo apt-get install build-essential
6. Now its time to install MINT. Copy the downloaded mint to your /home/username directory. Unzip the file using commands below.
gzip -d mint-1.2.tar.gz
tar -xvf mint-1.2.tar
7. Go to the new mint directory created and execute the command "make" to compile.
8. If you want to install it to /usr/local/bin execute "make install". Open the README file for more details on how to install and run MINT by going to the directory ./mint and execute "more README".
9. Integrate your Ubuntu VM to your GNS by dragging a cloud as seen below(Click on the image to enlarge). Click on the cloud and Choose the VMware NIC and click add. Connect your GNS3 routers ethernet interface to the cloud and then configure the interface with same subnet IP as your VMware interface. Mine defaulted to 192.168.18.0/24. Check your Ubuntu ip address by executing "ifconfig" on the terminal and then ping it from the router to test connectivity. This should be ready for the exercises I will do in my studies.
10. Download Wireshark, on your host Operating System, (I assume its Windows) then install it. It should be ready to sniff any traffic on the VMware virtual NIC's.
Now, I am ready to start my mini labs for Multicasting. :)