How do you change the Static IP of your machine running on Windows XP Professional, Service pack 2

I had a VM installed in my machine with which I play around to install dummy servers and other necessary stuffs to test my applications' credibility and robustness.

It was one fine day on which my superior directed me to the marketing team to help them install a VM and put all our products together so that they can use it to demo our clients.

Accordingly I got this idea of copying my VM to their machines as I already had every thing in sort of demo-able state in it. Consequently I did the same and was happy after receiving a big thanks from the marketing team.

But Knock! Knock!... A problem hit me.

The next time when I started my VM .. i got an error which said sort of following:
Duplicate IP Address Exists in the network

So eventually i asked my friend google to help me with this issue and he suggested me to change static IP in either of the machines.

The following is what I followed
1. open control panel
2. open network connections
3. Right-click on the network which helps you go online
4. Now a list of check boxes would be visible and among them will be the following option "TCP/IP". Click on it and then click properties
5. Now you will be able to see a provision which will allow you to mention ip address, sub net mask, default gate way etc...
6. Change the IP and say ok
7. Say apply on the main window

To ensure that your new ip has gotten into effect, open command prompt and type ipconfig

This should display the newly changed ip address for your machine.