1) Download AMI from Amazon S3, which results in lots of image.part.XX type files and the image.manifest.xml file.
2) Re-bundle into a single image with something like this:
/usr/local/ec2/amitools/unbundle -m image.manifest.xml -k pk-MYBIGAMAZONPRIVATEKEY.pem -d .
3) Un-bundle into an EMI image with:
euca-bundle-image -r i386 -i [image from step 2]
4) Upload bundle:
euca-upload-bundle -b myimagebucket -m /tmp/image.manifest.xml
5) Register
euca-register myimagebucket/image.manifest.xml