Hay Guys,
After struggling for many days to install "Magento" on my local windows machine running wamp server, I found a really great post that helped me successfully install it.
http://www.techyuva.com/how-to-install-magento-on-wampserver-windows-xp-with-sample-data
The main thing that I noticed is that - you can't install magento on PHP 5.3.0. You need to download PHP 5.2.8 and add to your Wamp Server installation and make it active. Only after that you can install Magento on your local windows machine.
You have to read the whole article to make a successful installation.