Amit,
I could finally install VS 2005 RC with PPC 5.0 and Smartphone 5.0 on another machine (related to post http://forums.microsoft.com/msdn/ShowPost.aspx PostID=104980). Now the basic reason for going through all this pain was to create a Mobile application that can exchange SOAP messages over internet. Now I'm having problems connecting to the internet using the emulator. I read your post at http://blogs.msdn.com/vsdteam/ but you also mentioned that there is a workaround. Until the main solution is available would you be kind enough to post the workaround details
Regards,
Uday

Question for Amit: Virtual PC Network Driver
Vikramaditya
Never mind, I found another post (ref: http://forums.microsoft.com/msdn/ShowPost.aspx PostID=94767) which describes how to connect using Active Sync and it works like a charm.
Thanks,
Uday