I had the same problem.
Android 4.0.3, WinXP, Eclipse 3.7.2, CIS 4.1
Trying to run the application in the emulator, I could see the emulator-arm.exe running in task manager, then disappear.
I went into Comodo - Defense+ - Common Tasks - My Own Safe Files window and added the whole
'tools' folder, where the emulators live, (including sub directories) and the 'platform-tools' folder - where adb.exe lives, (including sub directories) from the android-sdk path. Then the emulator would run from Eclipse. Probably only need to add single files to the safe list, but I haven't tried it yet.
Hope this helps.