After spending a lot more time than I should have trying to get Titanium working for Android, I think it should be noted that some users installing 3.2.3 (and maybe slightly earlier versions) will not be able to install SDK 2.3.3 using Titanium's UI. For the record Titanium's installation experience beats stock Android IDE hands down.
To get 2.3.3 installed, go to the folder where the sdk is downloaded. By default this is c:\android-sdk-win. Run c;\android-sdk-win\tools\android.bat. There you will be able to manually select 2.3.3, accept the licence, and install the SDK. After that, run Titanium. If you prayed a little before doing this, you might just see the Android SDK link go green (under Get Started)!
I've always found setting up Android development a series of jumping through hoops. No fault to Titanium on this, but it'd be nice if they can put up a little message to tell us what we need to do.