And this is how to get audio working on Android SDK device emulator on Fedora 16+ 64bits. First of all you need 32bit java (OpenJDK works, but take care) and some libs:

# yum install glibc.i686 glibc-devel.i686 libstdc++.i686 zlib-devel.i686 ncurses-devel.i686 libX11-devel.i686 libXrender.i686 libXrandr.i686

Now if you run the emulator with some debug settings, it turns out some 32bit libraries are missing:

# emulator -avd MY_AVD_NAME -debug audio

I have tried various combinations of OSS PulseAudio wrapper (padsp) until I found it works using default setting; ALSA using PulseAudio perhaps. Install those:

# yum install pulseaudio-utils.i686 pulseaudio-libs-devel.i686 alsa-plugins-pulseaudio.i686

And run emulator as usual:

# emulator -avd MY_AVD_NAME -debug audio

Happy Android audio hacking. I call it a day!