I purchased a Dell Vostro 1510 recently. My problem is that in the middle of typing my cursor randomly gets misplaced. Aa a result I face problems like overwritting ,misspellings etc. I thought it could be because I was accidentally touching the keypad, arrow keys etc. but even after being extra careful about the same the problem persists.Also this problem is consistent with different editors notepad,word,textpad etc. Is there anything I can do myself to solve this ?

Yes it most likely is due to your palm touching the touchpad. When I need to do a lot of typing on my Dell I plug in an external mouse and set the mouse settings to disable the touchpad if an external mouse is present. Check the Mouse settings in your Control Panel to see if you have that option.