To get started with Android/CyanogenMod, you'll need to get familiar with Git and Repo.

To initialize your local repository using the CyanogenMod trees, use a command like this:

repo init -u https://github.com/walter79/android-wetab.git -b ics

Then to sync up:

repo sync 
. build/envsetup.sh
make -jX iso_img TARGET_PRODUCT=android_x86  (X=Numbers of CPU-Cores)

"if target android_x86 not work use wetab "

Once done here is the result:

out/target/product/pegatron/wetab.iso is built successfully.

More information: http://www.wetab-community.com/index.php?/topic/19765-icsandroid-404-kernel-3036-arm-emulation-minmal-gapps/