1. Create a project and configure it for an Android kit.
2. Unconnect all Android devices.
3. Click the "Run" button.
   The "Select Android Device" dialog will show up.
4. Click "Create Android Virtual Device".
5. Enter reasonable data and click "OK".
   You'll see an error message:

   Error: Failed to create the SD card.
   Error: Failed to create sdcard in the AVD folder.
   

I can create an AVD using "Tools" -> "Options..." -> "Android" -> "Start AVD Manager..." -> "New..." because this allows creating it without an SD card. If there's no better fix, at least this should be possible in the said situation.