I tried to create a root file system.For this i was
trying to cp libraries to a directory and strip the
symbloic links for debug
strip --strip-debug lib.so.6
when I gave this command the terminal window
closed.along with this other terminal windows closed
when i gave any commands.

I tried to reboot but failed with this error at the
boot time in INIT runlevel:

init: error while loading shared libraries: lib.so.6:
cannot load shared
object.
so finally my system is crashed.

pls can you kindly help me how to boot linux again.

regards,
karan

Maybe you didn't cp but moved the libraries?
What you could try is to boot your distributions rescue CD/disk (or tomsrtbt), mount the partition in read-write mode, then copy back the libraries. If after the reboot the system doesn't come back up, then I suggest you reinstall the libraries.