hmm dude why r u struggling hard to install ubuntu. i think u r new to linux!.
well if u want to learn linux
if u r friend system has 4 GB of ram then i suggest u to install vmware and then install ubuntu .
vmware player is available free..
http://www.vmware.com/products/player/
This will be safe.. as u can do anything inside vmware (will not affect u r windows settings).
about u r queries ..
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1>Do I need to install something else b4 installing VLC ?
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check whether u have gstreamer installed.?
try these
sudo apt-get install gstreamer0.10-plugins-good
sudo apt-get install lame
sudo apt-get install ffmpeg
install any other dependencies which are missing. use apt-get command
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2>How do i install Real player which is in .iso format in digit CDs ?
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well u need to extract the files from iso file. in linux do these
1) You must login as a root user, if not root user then switch to root user using following command:
$ su -
2) Create the directory i.e. mount point:
# mkdir -p /mnt/disk
3) Use mount command as follows to mount iso file called disk1.iso:
# mount -o loop disk1.iso /mnt/disk
or
mount -t iso9660 -o loop disk1.iso /mnt/disk
4) Change directory to list files stored inside an ISO image:
# cd /mnt/disk
# ls -l
check whether the istaller is .deb or is a source package..
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3>Is der any universal player which can play MP3 and all video files (even proprietary formats) ? If yes, plz send me the link and if possible the procedure to install it.
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yes there are many... lile mplayer (the famous one). but still i suggest u to stick to vlc , becoz they keep update.
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4>How do i navigate thru diff. partitions and parent directory using commands in Terminal. (cd.. cmd isnt working to go to parent directory)
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in linux its cd .. not cd.. to go to parent directory. learn more linux commands use man command name

.
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5>I have heard that der is no virus problem in Linux then why the need for antivirus arises (ClamAV) ?
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yes, in linux virus are very rare.. becoz of its architecture.
antivirus is not needed if properly configured. there are some antivirus to prevent attacks from scripts,web related security and other fake packages.
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6>What other type of packages can be installed in Ubuntu (like rpm, deb, tar.etc)
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officially ubuntu supports only .deb and source packages. but u can install rpm also... (at u r own risk).
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7>Program to view MHT files that are saved in IE ?
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these are compressed HTML files that can be opened by most of the browsers
in Firefox install this plugin and try to open in Firefox
https://addons.mozilla.org/en-US/firefox/addon/8051
OR
try opera browser
apt-get install opera
www.opera.com.