SalmanAbbas, coverflow is a topic that comes up regularly on threads here on talk.maemo. For example

A few threads below this one is a thread about cuteTube, you can see from the screenshots that the author (marxian) has implemented a coverflow UI in this application. Might I suggest as a first step you might contact him to see if he would be interested on working on a media player using his cover flow UI design or if he might make the code available for you to work on it yourself?

Cover flow is like a fancy type of list. So once the album is selected from the UI it's only a matter of directing that file to the audio player, or implementing a simple one yourself with Phonon (see my sig for a basic example of how that can work).

Edit: lol in fact marxian has sneaked in a reply right before me ^^