How can I style an Android Switch?

It's an awesome detailed reply by Janusz. But just for the sake of people who are coming to this page for answers, the easier way is at http://android-holo-colors.com/ (dead link) linked from Android Asset Studio

A good description of all the tools are at AndroidOnRocks.com (site offline now)

However, I highly recommend everybody to read the reply from Janusz as it will make understanding clearer. Use the tool to do stuffs real quick

You can define the drawables that are used for the background, and the switcher part like this:

<Switch
    android:layout_width="wrap_content"
    android:layout_height="wrap_content"
    android:thumb="@drawable/switch_thumb"
    android:track="@drawable/switch_bg" />

Now you need to create a selector that defines the different states for the switcher drawable. Here the copies from the Android sources:

<selector xmlns:android="http://schemas.android.com/apk/res/android">
    <item android:state_enabled="false" android:drawable="@drawable/switch_thumb_disabled_holo_light" />
    <item android:state_pressed="true"  android:drawable="@drawable/switch_thumb_pressed_holo_light" />
    <item android:state_checked="true"  android:drawable="@drawable/switch_thumb_activated_holo_light" />
    <item                               android:drawable="@drawable/switch_thumb_holo_light" />
</selector>

This defines the thumb drawable, the image that is moved over the background. There are four ninepatch images used for the slider:

The deactivated version (xhdpi version that Android is using)
The pressed slider:
The activated slider (on state):
The default version (off state):

There are also three different states for the background that are defined in the following selector:

<selector xmlns:android="http://schemas.android.com/apk/res/android">
    <item android:state_enabled="false" android:drawable="@drawable/switch_bg_disabled_holo_dark" />
    <item android:state_focused="true"  android:drawable="@drawable/switch_bg_focused_holo_dark" />
    <item                               android:drawable="@drawable/switch_bg_holo_dark" />
</selector>

The deactivated version:
The focused version:
And the default version:

To have a styled switch just create this two selectors, set them to your Switch View and then change the seven images to your desired style.