Hello All...
What I am looking for is in case I put my money in Roth can I put my money in a traditional IRA too i.e. can I max out both the IRA's?
If the answer is yes then can I actually convert my traditional to Roth (after some time)?
If the answer is yes then what is the procedure i.e. any penalties or any time peroid that I will have to wait till I can do that?
Thanks in advance...

Yes, you can have both a traditional and a Roth. You can max them out in total, based on your limits. And yes, you can convert. But this is not that simple and depends on different factors. So it'll be easier to direct you elsewhere and let you decide based on your own situation.

Fool.com: All About IRAs - Introduction (http://www.fool.com/money/allaboutiras/allaboutiras.htm)

This is pretty comprehensive. If you want to jump straight to the limitations and about the converting part, to the right choose "What IS an IRA?" and Roth IRA Parts I & II.