first time run app , but says error occurs when go to run

first time run app , but says error occurs when go to run (new app from scratch 'welcome' is runnable?), in Project appear red start but none inside, well where the problem is?

I installed just now 2.3.3 is it needed install 4.0.3?

 

if java works from CLI, javac WORKS, means OK the env vars?

 

in fact I reinstall it but delete only sdk and eclipse dirs... needed delete and C:\Users\User\.android on reinstall?

 

[2012-04-18 21:19:59 - Welcome] Could not find Welcome.apk! // appear this now, well ?

 

To appear "Hello ..." this is the default for running a new project not added yet anything to it, or NOT and this need addition of code?