[2012-04-13 07:24:04 - Notifications] adb is running normally.
[2012-04-13 07:24:04 - Notifications] Performing net.elunokiddevelop.Notifications.NotificationsAct ivity activity launch
[2012-04-13 07:24:04 - Notifications] Failed to find an AVD compatible with target 'Android 4.0.3'.
[2012-04-13 07:24:40 - Notifications] Still no compatible AVDs with target 'Android 4.0.3': Aborting launch.
[2012-04-13 07:24:40 - Notifications] Performing net.elunokiddevelop.Notifications.NotificationsAct ivity activity launch
[2012-04-13 07:24:47 - Notifications] Launch canceled!

Maybe install a lower version of AVD, attach it to the project and recompile.

Good Luck.

T.