A successful deployment of Asterisk on Amazon EC2 requires that you enable three critical ports on EC2's firewall. Without them, Asterisk will not work. Thus, the following ports are key to passing RTP packets (for voice) and SIP signaling (for devices, DTMF codes, etc.):
5060 (UDP)
4569 (UDP)
10000-20000 (UDP)
22 (TCP) (You'll need this for SSH access)
Use Eric Hammond's Ubuntu AMI (Amazon Machine Image), ami-ce44a1a7, and the 1000HZ AKI, aki-9b00e5f2. This AKI is important because it is specifically compiled for VoIP applications such as Asterisk. Any AKI (Amazon Kernel Image) other than one set at 1000HZ will produce undesirable results in voice quality and functionality.
TIP: Asterisk 1.4.21.1 is an older, but stable version. Supplement the version number with a newer one if you prefer