Sorry for late reply.
It sounds like I won't get much of a value addition if I have to follow these steps. I mean if I have to do few things manually, why not do it completely?
Thats what I've done couple of days back. I've installed WP in XAMPP\htdocs\mysite and configured it manually. And it serves my purpose at the moment.
Anyway, I will try your steps next time when I get into similar situation and will see if that benefits me.
Thanks for your clarification though.