Install qemu:

sudo pacman -S qemu

Get an image from http://people.debian.org/~aurel32/qemu/armel/

wget http://people.debian.org/~aurel32/qemu/armel/debian_lenny_armel_small.qcow2
wget http://people.debian.org/~aurel32/qemu/armel/initrd.img-2.6.26-1-versatile
wget http://people.debian.org/~aurel32/qemu/armel/vmlinuz-2.6.26-1-versatile

qemu-system-arm -M versatilepb -kernel vmlinuz-2.6.26-1-versatile -initrd initrd.img-2.6.26-1-versatile -hda debian_lenny_armel_small.qcow2 -append "root=/dev/sda1"

reconfigure keymap:

dpkg-reconfigure console-data

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