Emulator with Google Play Certification
I'm using the images provided by the Android-X86 project. They run fine in Virtualbox, and ship with Google Apps pre-installed. For details, please see:


Android emulator for Windows (on our sister-site for Software Recommendations)
How to install Android in Virtualbox at HowtoGeek
Android Emulators at IzzyOnDroid (my site; scroll to the end of the page for emulations OF Android, as the list starts with emulators running on Android ;))
find Android-x86 ISO images on their Google Code site