Speeding up Android Emulator on Ubuntu

Note: Earlier I had asked this question on stackoverflow , but got no responses, hence reposting it here.

I am using Ubuntu 12.04 (x86-64 version) and recently downloaded the adt bundle (adt-bundle-linux-x86_64-20130917.zip) from Android site. Created several virtual devices from eclipse -> Window-> Android Virtual Device Manager. But the virtual devices are not starting When I click start for any of the AVDs, a ‘starting emulator‘ dialog box comes, the loading bar loads fully but nothing starts -- even after considerable wait.

Tried to run the emulator (inside sdk/tools) from console:-

./emulator -avd <AVD_name>
Segmentation fault (core dumped)

However, when I run this, it throws error but emulator comes up.

./emulator64-arm -avd <AVD_name>
emulator: ERROR: Could not load OpenGLES emulation library: lib64OpenglRender.so: cannot open shared object file: No such file or directory
emulator: WARNING: Could not initialize OpenglES emulation, using software renderer.

What may be causing AVD to fail when invoked from Android Virtual Device Manager inside eclipse? Have anybody faced similar problems?