Taken and summarised from Vmware KB Article "Sample configuration of EtherChannel / Link aggregation with ESX and Cisco/HP switches". This KB article applies to Vmware products version 3.0.x to version 4.1.x
This article describes the sample configurations of configurations of link aggregation / NIC Teaming / LACP / Ether-Channel connectivity between ESX and Physical Network Switches.....
For more information, see Sample configuration of EtherChannel / Link aggregation with ESX