Time ago we made a article that also showed you how to install android on virtual machine but that version of android is a older version. Today you can install a newer version of android the 4.0.3 “ice cream sandwich” and you can install it on virtual box by using a pre-made .ovf (Open Virtualization File).
1. Download Android ICS 4.0.3 from this direct link and unzip the files on your desktop.
3. On virtual box click on File -> Import Appliance.
4. At the Import Virtual Appliance click on the mini folder to browse and select the the downloaded .ofv file. select it and click on open.
5. When you select the file click on Next.
6. Then configure the virtual machine settings, when you’re done click on Import.
7. When the importing is completed you can Start your new virtual machine.
8. When you start your machine it will boot up at the android main homescreen so you just need to unlock it.
9. Now you can go and explore android world!