Thanks everyone...

Thank you specially to Neil for kind enough to be so clear about the whole process that you used and it helped me immensely. I have read your post over and over again to understand all the filer points of the whole process that you have mentioned in detail.
I hope I shall be able to apply the techniques discussed and get hold of the whole NR process. Thank you again.

There is a little problem that I seem to be facing with my monitor. I used to work with a CRT which produces color very truthfully. Lately I have upgraded to a LG IPS monitor which according to test reports produces true colors. But as I view the same picture in the LCD and then in the CRT, I find that the LCD's one looking sharper than that of CRT. This creates a problem with NR I think, because I mistake the screen sharpness with Noise and I think I tend to over-soften my image.
Could you suggest any settings for the monitor Sharpness? In this context, I must mention that I use either the monitor built -in "sRGB" or "Photography" profiles.