Question [Q] Android device emulator problems on PC

First of all hi to all

I am a complete rookie in terms of android development but decided to give it a shot and step by step walk into the world of Android. Having to start from scratch I am experiencing some problems with my Eclipse set up, to be exact with running the device emulator. I keep getting the same error messages despite changing the parameters of the emulated device. I am using Windows 8, pretty good hardware and of course updated SDK package. Can anyone guide me how to pass this stage? I attached a print screen, hopefully it will be visible on that image.
Thanks in advanceClick image for larger version

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