we have build a virtual machine from the latest Android ICS 4.0.4 source code, Ice Cream Sandwich. You can download from here:
Please check our unique VMLite VNC Server app to run android remotely on any devices:
After download, unzip it, you can use VirtualBox or VMLite to start the vm.
update: (1) support host mouse (2) sdcard support (3) shared folders
a new vm for Jelly Beans will be ready soon.