download zip file( android_sdk_linux_m3-rc22a.zip ) and then install
my linux machine(FC7)

I could see kernel's image in ../tools/lib/images directory
file name : kernel-qemu, size : 1.2M

1. http://code.google.com/p/android/downloads/list
    download linux-2.6.23-android-m3-rc20.tar.gz android linux kernel
source
    and uncompress kernel source

2. goldfish architecture configuration file copy to .config
    goldfish configuration file in kernel/arch/arm/configs/
goldfish_defconfig

3. toolchain
   http://www.codesourcery.com/gnu_toolchains/arm/download.html
   checking radio box
      Target Platform : ARM uClinux
      Host Platform : IA32 GNU/LINUX
   and then download...

4. uncompress arm-2007q3-51-arm-uclinuxeabi-i686-pc-linux-gnu.tar
after download

5. evironment value setting /etc/bashrc
   PATH=$PATH:<arm-uclinuxeabi-* path>
   export PATH

6. kernel compiled by arm-uclinuxeabi-* compiler
    "make zImage"

7. kernel image(zImage) copy to <android>/tools/lib/images/

8. execute "emulator -console -debug-kernel -kernel zImage"

9. rename kenel image( zImage ) to kernel-qemu
    and execute "emulator -console -debug-kernel -kernel kernel-qemu"

注意：工具链里面的gcc一定要选用GCC 3.3.*,GCC 4.2.*有问题。