Samsung Galaxy Player 4.0 isn't actually a phone Per se, so it's hard to use it as such (without some help at least):
Any of the following solutions answers your question the way you intended it to be answered, but this is the result of a deep investigation and testing that might help you or help others in the future.
1) Just like a Bluetooth Handset:
With a fair amount of limitations, you can Pair the Galaxy Player to your smartphone just like pairing a Bluetooth headset:
Turn on Bluetooth on both devices, make the Galaxy Player discoverable, and scan with the phone.
Once the devices recognized each other and got paired, the Player shows up connected to the phone.
When a call gets to the smartphone, the Galaxy Player will ring as well.
The screen does look just like the incoming call screen on a smartphone, providing an option to answer or decline the call.
Initiating a call from the smartphone, will automatically activate the Galaxy Player, just like it would with a Bluetooth headset.
If the Galaxy Player and your smartphone are close together, lets say it the same room, the call has a good quality, just like if you were talking on your phone.
The power consumption for this solution is very low, so its a thumbs up as well.
Sadly, the contacts list on the Galaxy Player will do you no good, since it actually can't initialize any calls.
2) Using WiFi:
One tested alternative with a very lost cost can be signing up with a service that directs texts and/or calls to the Galaxy Player.
e.g., Google Voice, see the International calling rates
The only drawback using any service like Google Voice on the Galaxy Player is that you can only receive/send text messages and calls when connected to Wi-Fi, unlike a normal phone.
Google Voice is a feature-rich call forwarding service. You get one phone number that will ring all of your phones (cell or landline).
With it, you can receive voicemails and text messages (no multimedia messages/MMS, though).
Being a part of your Google account, you have access to all of your messages; call logs and more.
Google Voice @ Google Play
3) Using VoIP
Signing up with a service with a VoIP solution, it is possible to make actual calls from the Galaxy Player (or any device with speaker and microphone).
e.g., Line2, see the Plans Comparison
This service doesn't get you stuck to a contract, extra fees or a period of time. So, if a better solution appear in the future, you can stop using it immediately.