When I run my hello world application, the android emulator fails to launch.Even when i am creating a new emulator it fails to launch giving me the following error.
You are not specifying what AVD to launch. Please read the SDK docs in full, they will show you how to do this.
Tip: Launch the "android.exe" (I think, I use Linux where it's simply "android") app instead, create an AVD and launch it, all from the graphical interface.