Create and build Android proeject with Eclipse _ ADT or Ant from command line
Create and build Android Library project with Eclipse + ADT or Ant from command line
Library Project
Summary An Android library project is a development project that holds shared Android source code and resources. Other Android application projects can reference the library project and, at build time, include its compiled sources in their .apk files.
Sample
Please find the sampe TicTacToeLib and TicTacToeMain under the sample directory of Android SDK