I am running two linux machines in VMWare - and would like to mount a drive from machine_1 on machine_2. Is it possible if I can ssh from one machine to another?
Yes, if you are already able to use SSH, sshfs should work. In fact it would be the simplest way.
This is a filesystem client based on the SSH File Transfer Protocol. Since most SSH servers already support this protocol it is very easy to set up: i.e. on the server side there's nothing to do. On the client side mounting the filesystem is as easy as logging into the server with ssh.
For higher performance you will probably want NFS.
Your best bet is to use NFS to export the filesystem from machine_1 and mount it on machine_2, as Rahul mentioned in his comment. There are other options, but all the ones I can think of are far more complex and probably not worth the time to implement.