Gautam Nagraj you can update and delete products, by the insertion of images is not done. But I think it's something you can easily implement.
Try reading this: http://phpocean.com/tutorials/back-end/how-to-upload-images-and-files-using-php/19 it will help you understand how to handle the image upload.
I kept two pages that is index.html and style.css inside www folder..but when i open the .ex file it shows index/of. ...then i have to click undex.html .then inly it opens...how can i remove that index/of page???
Please can you share some screenshots