I should mention that there is also an Eclipse Plugin for Android Development as well that you can use instead.
So I thought I would give a quick and easy guide for folks to follow, that might be interested in getting started with Android Development and running the Android Emulator.
I am in the process of building some mobile apps for one of my clients, and while I'm pretty familiar with running the iPhone simulator and building iPhone apps, I'm pretty new to the Android development tools at this point.