Configuring MonoDroid in Visual Studio 2010
In my previous article, I walked through the introduction of MonoDroid and the way to download the free version of MonoDroid installer. If you have downloaded the installer, then now I will show you how to download different components and install it and finally how to configure Mono for Android in Visual Studio 2010.
In first step double click the installer you have downloaded. A dialog box will appears that is all about welcoming you to installation process. Click Next button.
Now another dialog box with different components like Java JDK, Android SDK, Mono for Android and other appears.
The installer checks the components that are missing in your system and download the all missing components. After completion of downloading process, click Finish.
You can build the application either in MonoDevelop IDE or in Visual Studio 2010. My article is not concern with building application with MonoDevelop. So I skip it.
During installation, the installer places the installed components in their default locations and configures the development environment with the appropriate path configuration. However, if you already had them installed or if you installed them in locations other than the default, then you must explicitly specify the paths to these components.
To configure the path of Android SDK in Visual Studio 2010, navigate to Tools –> Options –> Mono for Android
To create a new virtual machine, navigate to Tools->Start Android Emulator Manager then new window appears as below
Again navigate to Tools->Manage AVDs 
If there are already emulators running then list of emulators appear but if you don’t have any emulator, then you can create by clicking New button at Right Corner of the AVD Manager window.
Creating Mono for Android Project in Visual Studio
To create a new project, go to File->New->Project
Choose Mono for Android and give the name of the project and click OK.
Then Visual Studio provides a Sample Project for you. Debug the project and see whether there is an error.
Please Help…
Error:
This beta version has expired. Please upgrade to a newer beta to help us test the latest code!
Version: mono-android-9794.msi
http://go-mono.com/monodroid-download/