I'm not a professional, so it's just my guess: Your beaglebone acts normal. After power up, first two led should be lighted up and then they should go off. It takes a long time to boot Android first time. And I think your SD card is the main problem here. I use an SD card, which have 30mb/sn read speed. And it takes about a minute to boot up first time. Your class 4 SD card is too slow. Probably if you wait long enough Android would boot up. My suggestion is:
1) Change your SD card. If you want performance you should buy a SDHC card which have min 30 mb/sn read speed.
2) Power your Beaglebone via +5V DC. If you just power it up with USB, it will run at 300MHz.
Like I said I'm an amateur. These are just suggestions.