My suggestion is to try to install linux (point 1) (maybe with the help of a friend), because it's important to have the latest SDK version and the latest updates. Nox App Player is an emulator for Android that lets you use practically any app. You can try to download and run the first Android Develop Studio Beta that ever appeared on the website (0.8.0), I don't think they ever supported 10.7.5, but you can try. One of the most powerful emulators for Android. Check to see what version of JDK worked on 10.7.5, install it, then install one of the versions of eclipse from Indigo to Mars and then install the above mentioned plugin.

Go with the previous Android Development solution : Eclipse IDE Indigo or higher + ADT bundle plugin. There you can install the latest version of Android Studio with no hassle. If you want to download the software on your pc or mac, you could either first visit the Mac store or Windows AppStore and search for the app OR you can easily use any of the download links we provided above under the Download and Install header section to download the application. Mac users interested in Java 1.6 mac osx 10.8 generally download: Java 2 SE Free The Java 2 Platform Standard Edition (J2SE) 5.0 Release 1 software update provides support for cross-platform J2SE 5.0 applications and J2SE 5.0-based applets in Safari on Mac OS X 10.4 Tiger.

You don't need to update your Mac OS 10.7.5, it will remain intact, but you will boot on linux to develop Android Apps. Compatibility: Windows 10/8.1/8/7/Vista and Mac OS X 10.7.5. You install ubuntu (I recommend Linux Mint 17.2 'Rafaela' - Xfce RC (32-bit) as it's lighter on your CPU and RAM) and dual boot. There are three options from what I see here :

Android emulator mac os x 10.7.5