The problem as I discovered lays in the fact the the project has no appropriate Virtual Device defined for it in the AVD manager.
So the recommended steps in eclipse are:
- Go to "Project"-> Properties-> Android.
- On the right pane see what line is checked in the Project build target.
Remember the target platform number that appears in the selected line.
- Go to "Windows"-> AVD Manager.
- Check the list of existing Android Virtual Devices for a device that matches the Platform and API level that you have set for your project (see step #2 above).
- If there is no line that includes an AVD for your platform (as I suspect), add it using the "New" button.
- A "Create New Android Virtual Device" window will be opened. set a new device name. in the "Target" selection box choose the right platform for your project.
Enjoy your emulator once again!