The Android build process does not include the kernel. You need to build that separately. Once you build the kernel, you need to manually copy the files into the correct location. Our instructions at appanalysis.org describe how to do that for the Nexus One. For the emulator, you can just specify the kernel path with the -kernel command line argument. Note that you will want to use the "goldfish" branch (and config) for the kernel/common Android git repository.
-Will
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William Enck
PhD Candidate
Department of Computer Science and Engineering
The Pennsylvania State University
en...@cse.psu.edu