I can use Compiz, but I have no idea how really it happened. :huh:
So here are the chain of events that took place:
I updated my Ubuntu installation completely including all the necessary and recommended updates.
Following Ubuntu community guide used Emerald theme manager to download all the GPL'd themes.
I reinstalled Fusion Icon
And as I clicked on the Fusion Icon
, Voila!!! it is working! The Fusion Icon displayed another small icon on the panel through which I just had to change the window manager to Compiz from Default Metacity
Honestly, I have no idea why and how things fell in place.
Thanks very much for your help and I hope this post will help others with same issues as mine.
See the Screen shots 1 and 2 for Compiz in action. Its really great.
I have tried Compiz on 7.04 with a nVidia card in another PC, but it never looks so much great.