The roadblocks I've hit so far, appear to be as follows:
The emulator doesn't come with the play store installed, however you can still use the browser to search for apps. If you own an actual Android phone, and you log in with the Google account that is used with said phone, the play store will try to send any app that you download to your actual phone. This is why I would recommend downloading everything you need ahead of time from a 3rd party and installing the packages in the terminal.
To use your emulator as an actual phone, you'll need to make use of a service that offers free SMS and/or calling. If your needs aren't exceptionally great, then you should be able to find a free app that does what you want. Keep in mind that this application will have to either assign you a username or a number, because your emulator doesn't have a service plan, and therefore has no number/gateway of it's own.
If you don't have a WiMax plan/card, you'll need to rely on WiFi, so keep that in mind.
For programs that interface with the emulator, such as the SET (SMS spoofing attacks) you'll need to change your default texting app to whatever service you installed.
If you have a webcam and a microphone, the Android Emulator can probably make use of these things. I can use Skype for example, it's a bit buggy, but hey, it's worth it just to say I can
If anyone has any questions feel free to ask, I'll be playing with this thing all week.
The app below works well.
Edited by TheFunk, 12 June 2012 - 12:03 PM.