I'm on WinXP, SDK 1.5.
When I start the emulator from command line, I get the following warning...
emulator: WARNING: ignoring locked SD Card image at D:\android-sdk-windows-1.5_r3\tools\sd256m.img
and the emulator starts, but the SD card is missing.
Even with a newly created SD card image (not used by any other process), I get the error. The file exists and has all read/write permissions.
I googled for that problem but only found a quick hint, but which doesn't really help me any further.
http://cheat.errtheblog.com/s/android/
If you get a warning that the SD card is locked, make sure:
"emulator: WARNING: ignoring locked SD Card image at"
Emulator has permissions to read/write the card file
Emulator has RWX access to the card file's directory
I had problems with the card file being on a FAT32 partition.
Moving it to ext3 or reiserFS worked.
Any knowing this problem?

