#Download Kernel and initrd
wget http://ftp.debian.org/debian/dists/testing/main/installer-armel/current/images/versatile/netboot/vmlinuz-2.6.32-5-versatile
wget http://ftp.debian.org/debian/dists/testing/main/installer-armel/current/images/versatile/netboot/initrd.gz
#Create disk
qemu-img create -f raw debian.img 5G
#Start qemu
qemu-system-arm -m 256 -M versatilepb -kernel vmlinuz-2.6.32-5-versatile -initrd initrd.gz -hda debian.img -append “root=/dev/rasudo kpartx -av debian.img
#Mount filesystem after install and copy kernel and initrd
sudo mount /dev/mapper/loop1p1 ./mnt/ -o loopm”
sudo kpartx -av debian.img
sudo mount /dev/mapper/loop1p1 ./mnt/ -o loop
#Start qemu again
qemu-system-arm -m 256 -M versatilepb -kernel vmlinuz-2.6.32-5-versatile -initrd initrd.img -hda debian.img -append “root=/dev/sda1″
More reliable information at http://richizo.wordpress.com/2010/11/15/installing-debian-arm-under-qemu