Installing AIR Runtime on Android emulator

You can find the Air Runtime.apk in Flex sdk, Flash Builder, or Flash CS5.
Then use Android's command line adb tool to install Runtime.apk.  Apk files are Android package files.

On Flash Builder Burrito, the emulator Runtime.apk is at:
/sdks/4.5.0/runtimes/air/android/Emulator/Runtime.apk

On a terminal, go to android sdk platform-tools folder
> cd /platform-tools
> ./adb -e install -r

eg.
> cd /Applications/android-sdk-mac_x86/platform-tools
> ./adb -e install -r "/Applications/Adobe Flash Builder Burrito/sdks/4.5.0/runtimes/air/android/Emulator/Runtime.apk"

After installation, you can go to emulator's settings-> applications -> android applications, you should see "Adobe AIR" as one of the application.

Done.