VMware Player has a free edition for personal use and you can install multiple virtual machines with different operating systems on a computer.
You can share folders and copy files between host and guests (virtual machines), allocate custom values for CPU, RAM, HDD for each guest, but you cannot make backups (snapshots) - this feature is available in VMware Workstation (paid). Alternatively, you can make backups within each virtual machine through Create System Restore Point or another backup option provided by the operating system or a third-party software.
VMware Player Free is a high quality software to install different operating systems and programs on the same computer. For advanced features or commercial use, you can upgrade it to VMware Workstation.