Try installing it manually to see if adb is working. This is time consuming, but is a workaround. See this page on how to do that: How to build an APK file in Eclipse?
How to install an .apk file on the emulator:
Start the console Run (Windows + R) then type cmd, and move to the platform-tools folder of SDK directory. this is located wherever you've placed the adt folder.
Paste the APK file in the platform-tools folder.
Then type the following command: adb install example.apk
Modify example.apk to the name of the apk you've chosen.