Source: https://github.com/psema4/pine/wiki/Installing-QEMU-on-OS-X
To emulate the Raspberry Pi on OS X, you need a version of QEMU that supports the ARM 1176 instruction set (QEMU version 1.1.0 exactly).
- Install and upgrade Xcode to 4.3 or above.
- Install the Xcode Command Line Tools (you can do this from within Xcode's "Downloads" preference pane).
- Install the latest version of Homebrew. Older versions of Homebrew have an old version of QEMU that does not support the RPi's 1176 instruction set.
- IMPORTANT: At the time of this writing, the latest version of QEMU in Homebrew hangs indefinitely at startup. You need version 1.1.0, NOT version 1.1.0-1. QEMU 1.1.0 was added in 2b7b4b3. Simply make sure you have the latest Homebrew, and do this: