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Once you have build Android on your Mac OSX (I have Leopard) following the Google directions, it’s time to start it. This wasn’t as easy as it sounds, as I couldn’t find any docs that talked about this, except for this page that talks about the emulator in the SDK.
In your droid repo directory, this will start the emulator:
$ out/host/darwin-x86/bin/emulator -system out/target/product/generic -kernel prebuilt/android-arm/kernel/kernel-qemu
From there, you are back to working with it just like in the SDK.