So you got that new shinny windows 8 box and still cannot get the android emulator to work? Th culprit is that for some reason the config files for skins and the avd leaves off the MB for the hardware ram size.
Add the MB to the hardware ram size in both the config file for the avd and the skin it uses and the avd image and emulator start as if by magic.
Do not have real fast CPU? Set the scale factor to between .25 and .31 and use the snapshot feature.