I\'m kind of new to the whole porting issue and I got to it because of the slowness in the emulator provided with the Android SDK.
I downloaded the android-x86-3.2-R
Check the drivers compiled in the kernel. That must be the reason.IIRC you had to have the drivers for VirtualBox compiled in the kernel (or as a module) to get that to work. As Honeycomb was, according to Google, a mess, I wouldn't doubt that the kernel doesn't have that support. I'll try to check on that myself later today and I'll update this answer accordingly.
In my case i had to be on a cable connection. It would not connect through wi-fi at any point. It may be a help to someone who had the same problem.
I used the following configuration in VM:
Bridged Adapter PCnet-FAST III
Then on the running emulator:
Start by pressing ctrl+f1
type: setprop net.dns1 *yourDns (something like 192.168.1.1 without the *)
(if you dont know your dns, bring up the commandline by running cmd.exe and type: ipconfig/all, scroll down to where it says DNS servers
press ctrl+f7 to go back to the emulator
Edit: It seems that you have to type "dhcpcd eth0" aswell, depending on your internet provided. I did not have to use it in 2/3 places, but it may be required.