Late to answer but I think this will help..
- First and foremost what is your PC's configuration?? , how much RAM??
b'coz higher the API level you set , more processing time will be
taken by emulator..
- If you have good configuration PC, then as mentioned by many, you
should Wipe user data from AVD and uncheck load from snapshot and
then give this a try..
- Still prob, delete the AVD and recreate...
- Still prob, then try Android x86 instead of armeable
simulators. Android x86 are much more faster ..
- Your eclipse is updated as you mentioned then try opting for x86
emulators.. Refer here..
- Try restarting Eclipse as a last resort... :P
Developing an application is generally for a targeted devices, so if possible run and test on real device itself.
Hope this helps...