Hi. It's been a good while since I built my emulator but I'll try to give a set of instructions to the best of my memory:
Download the whole source code for the final android built from code.google.com preferably the binary version.
I then installed vmware (google time) with an .iso of ubuntu I have knocking around. Using this I then downloaded all of the appropriate API's and Jar files that google specifiy on code.google.com and built my full version of Android. With this I then used an ftp program to ftp off of my ubuntu vmware server the compiled android and replaced the basic one provided with the emulator. Now everytime I compile my program I get all of the base Android applications.
My problem however is that the calendar won't sync. Because of this it won't even load up an empty program. I, initially, thought this was down to inappropriate libraries for sync'ing however the email app provided sync's perfectly. I now believe this might be down to either the emu simply not running any calendar program or else the emu doesn't support the services support needed by calendar.
Unfortunately I have nor the ability or time to investigate anymore. I'm making a calendar application for android as part of my final year project as university and my time is spent, at the moment, writing design documents and analysis
Does any of this help you? If not say which parts and if i get a spare 30 mins I'll look into it a bit more.