I get the following error:
This operation returned because the timeout period expired.
I've tried searching, but nothing useful.
Thanks in advance.
I'm running Windows 8.1.
Try: Cancel Hyper-V instances of the Emulator (Virtual Machines) already running and possibly in a corrupt state.
Close Visual Studio. Open up Hyper-V Manager; stop and remove any instances of VMs that are present. Try: Remove/Disable third party drivers or software that may be interfering with virtual networking
For Details check the link http://social.msdn.microsoft.com/Forums/wpapps/en-us/b06cc9f2-aa5e-4cb3-9df1-0c273e1dfd68/wp8-emulator-xde-troubleshooting-tips
vs_ultimate_download.exe from here. Run it and it'll download all the files (this can take a while).