

If your CPU does not have virtualization support, you could use an ARM emulator instead:

Please open the subfolder extras\intel\Hardware_Accelerated_Execution_Manager, and run the installer manually: intelhaxm-android.exe. In the top of the Android SDK manager window, you can find where the installer is located on your PC. The Android SDK Manager does not actually install HAXM, it just downloads it. If you have Android Studio installed, you can start the SDK manager via Tools -> Android -> SDK Manager. Install the Intel x86 Emulator Accelerator using the Android SDK Manager

The Android developer page has been updated with an excellent guide to get an emulator up and running.
