There are two sources available to install and configure qmail. life with qmail and qmailrock.org. Now can any body narrate which is the most updated,latest and applicable method to apply for configuration of qmail on corporate level.

Given that qmail has not been updated in a very long time, I can't in good faith recommend it for a corporate level mail system. According to the qmailrocks site, it looks like qmailrocks was last released in 2006, the web site was last updated in 2008. Qmail appears to be on version 1.03. According to wikipedia, it is maintained by 3rd party plug ins and doesn't even have support for current authentication methods. If you find you MUST go with qmail, a lot of people seem to prefer life with qmail, though when discussing the subject on IRC recently, one person put it that a lethal injection would be more humane.

I would recommend looking at either Postfix, Citadel, or Zimbra for more modern mail applications. I personally use Postfix and while it is a little difficult to configure, it will scale very well to a corporate level hosting multiple virtual domains with support for a wide variety of spam, anti-virus, authentication, and domain-key functions.

I would recommend Life with qmail over Qmail Rocks.. LWQ explains in detail how qmail works. I have used LWQ a couple of times. Qmail is a stable reliable product. There is a fairly active user group.

If you have a choice in the matter, you may want to use Postfix instead. It is still actively under development and is a more flexible product.

If you choose to use Qmail, it will run trouble free for a long time.