When attempting to install an .apk from Eclipse, whether to an android emulator or to a physical device (via USB), I get a \"Failed to install *.apk on device \'*\': timeout
If its timeout then may be ADB connection with the eclipse will need more timeout limit. So Try this:
Prefrences>android>DDMS and you will see ADB connection timeout extend it to 20000
When this happen's to us on physical devices we usually attempt to fix it by unplugging, toggling "android debug mode" on the device and reconnecting.