I am a student in TX since Aug 2008. In 2010, I worked in TX, from Feb 1 till May 31 on CPT and Aug 31 till Sep 31 on OPT. From Oct 1 to Dec 31 I am on H1B. FICA and Medicare are deducted appropriately for oct till dec.

I am single. I have also paid some tuition & fees during 2010. This is my first job and I was paying rent.

What should be my status of for tax filing non-resident or dual status or resident? What forms should I use?
What deductions (standard) can I claim? Can I claim the tuition and fees / rent I paid?

For 2010, file nonresident tax return and Form 8843. You will claim treaty deduction as you have income during OPT.
You do not get any tuiton and fee benefit. Your U.S. Tax Return: The U.S. Visas

If I take first years choice... and file my return after 6 months. Will I be filing as resident or dual status? Can I claim my tuition and fees? And also in that case will I be filing return only for 2010 (six moths late) or will that be for 11/2 years?

Dual status. Tuition and fee deduction is not available in 2010.
You file return for 2010 irrespective of when you file.

Thanks a lot for the help :)