Trying to set up Tablet as Emulator - Get Error - PANIC: Could not open AVD

Hi everyone. I'm a newbie in android development and I am just trying to set up my android device (Polaroid 7 inch tablet ) PMID701C to use as an emulator on ECLIPSE.

Here are the steps I have taken:
1) In AVD Manager, added new device (my android tablet). It shows a green check which I assume means it found it.
2) When I click on it and select START, I get the error :
PANIC: Could not open AVDPolaroid
3) made sure my Tablet device had a driver and was working on my laptop

So I'm stuck. I just want to set this up as an emulator to use for Eclipse.
Can anyone help me? what am I doing wrong? Thanks.