Here is a small tutorial to help you setting-up AndroVM with hardware accelerated OpenGL rendering, using VirtualBox.
I will assume that you already have VirtualBox installed and working.

Network Adapter

To run with hardware acceleration, as for using the ADB with AndroVM, you’ll need an “Host Only” network adapter. To create one, open VirtualBox, get to the “File” menu, “Preferences…”, “Network”.

Don’t forget to enable DHCP Server for this network adapter.

Importing VM

Now, you can import the VM into VirtualBox. Just double-click on the OVA file, or use “File” menu, “Import Appliance”.
It can be a good idea to rename the VM into something more friendly.

Setting-up VM

By default, AndroVM has its first network adapter set to disable. Go to the VM network settings and set it to “Host Only Adapter”

Then, start the VM. Now, you’ve got a fully functional software-rendered AndroVM. Now, open the AndroVM Config app, and check the box to enable hardware OpenGL.

Note that you might see the VM IP on the top off the app. This is the Management IP. You can adb connect this IP.
If there’s no IP address, then you won’t be able to use hardware OpenGL. Verify your host-only adapter configuration.
Click on the “Save” button, The VM will restart.

The VM will stay in that state. Now it’s time to run the AndroVMplayer.

AndroVMplayer

The AndroVMplayer is a software used to display the VM content and manage its events. It won’t work if the VM is not running !
Open a command line interpreter, get to the AndroVMplayer directory, and type :
AndroVMplayer [width] [height] [density]

Wait a few seconds, and the Android boot animation will appear in the AndroVMplayer.

Typical problems

STEP 8: THE ANDROVMPLAYER BLOCKS ON “WAITING FOR CONNECTION FROM VM”

• If the VM shows a Management IP, try to connect to the VM through adb. If it doesn’t work, then turn off your firewall
• If the VM doesn’t show a Management IP, the your network adapter is not well configured

THE VM DISPLAYS “INIT: UNTRACKED PID XXXX”

• It means that the VM is waiting for the AndroVMplayer. Just launch it !