HOW TO REBUILT THE ANDROID EMULATOR-SPECIFIC KERNEL
You need to have the Android toolchain in your path
(i.e. 'arm-eabi-gcc --version' must work)
then:
git clone git://android.git.kernel.org/kernel/common.git kernel-common
cd kernel-common
git checkout origin/android-goldfish-2.6.27
export CROSS_COMPILE=arm-eabi-
export ARCH=arm
export SUBARCH=arm
make goldfish_defconfig # configure the kernel
make -j2 # build it
=> this generates a file named arch/arm/boot/zImage
Now, you can use it with:
emulator -kernel path/to/your/new/zImage <other-options>
Reference: mydroid/external/qemu/docs/KERNEL.TXT