Let me just break it down, this is what i did from start to end.... maybe it helps some people Grin

>>> Add the extra-devels repository in the application manager. Refer to the instructions here to add the repo: http://wiki.maemo.org/Extras-devel
>>> Download FapMan(Fast Application Manager)
>>> In FapMan, download the NITDroid Installer, this will install the NITDroid icon in your menu..
>>> Open the web browser and go to "http://downloads.nitdroid.com/nitinstaller/nitdroid-installer_0.2.7_armel.deb" and download ver 2.7 by Jay-C and store at a desired location on the phone.
>>> Go to the location you saved ver 2.7 and just click on it, this will take you to the application manager and show that it is updating the application... (this will remove the NITDroid icon from the menu, dont worry)
>>> After that open up xTerminal and type "nitdroid"
>>> After a while depending on your connection....Voila.... You're done... Smiley reboot into nitdroid

NOTE : Remember to go through all other related threads before trying this... the above steps worked for me but you might just face some other errors like other people (for which help is available)....

Thanks again Jay-C for your help...