It probably is, but trust me, you wouldn't want to use it. Because it does hardware level emulation, the Android emulator is unbelievably slow. Way too slow for normal use.

Edited to add: There have been efforts to build android simulators, i.e. compile android for x86 and don't do hardware level emulation. This is how iPhone and WP7 testing is done already, and would run perfectly fast enough.

That's what BlueStacks claims it will deliver:

http://bluestacks.com/ces/