You might run into a situation where your Android emulator started fine but the application does not get deployed.
One of the possible reason could be the application that you created is not the same as the emulator that you run.
Look at the following screens.
The application is created in Android 4 SDK. Somehow your virtual device or ever the real device is using different SDK.
As you can see from the picture above, it is Android 2.3.3.