You may need to switch to DDMS view to check that your Android Emulator is online and detected by ADT.
The Devices Panel should display your Emulator Name and Status (Online).
If the device is not detected or is not online, you need to restart your AVD.
Right-click Project Name (My First App) and select Run As/Android Application.
The status bar reports the launching status.
Select Yes to monitor Logcat.
My First App now appears in the Emulator and the LogCat window displays the log messages.
5.1) Observe your Package Explorer.
5.2) Notice that an apk file has been generated and stored in the res folder.
5.3) You can copy this apk file to your Android Device and install it manually.
(I prefer to copy the file into the Download folder in my Android Device for easy search and retrieval later on).
5.4) Your Android Device may block installation and request your permission to “install from unknown source”. Allow this feature in order to proceed with installation.
Read more information here, http://developer.android.com/training/basics/firstapp/running-app.html for troubleshooting tips.