Yes. Something is severely wrong with your SerialICE. Start from scratch with a fresh checkout and use the Qemu in the tree instead of the patch.
I just wanted to report this worked :-) I still had to add --extra-ldflags=-lm and --disable-kqemu to build.sh but at least it is running :-) I don't know why the http://download.savannah.gnu.org/releases/qemu/qemu-0.11.0.tar.gz Is not working though....
What does "use the Qemu in the tree" mean? I'm seeing some strange behavior, and want to try what works :)