thanks everyone, just a little better use of time. thanks will also go to anyone who are helping for making this universe a harmonious place where everyone deserves better education and opportunity for free.

ABOUT GRAPHIC FORMATS :

There are many types of encoding technique/standard for digital images. I will focus mainly on PNG, MNG.
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GIF = Graphics Interchange Format. Uses lossless compression. Supports only upto 256 colors (8 bits) (for each pixel). GIF images can be put together for animated images (/multiple frames), which is a great feature. Supports transparency, which is binary, pixel is either "on" (contains a color) or "off". Unfortunately, the transparent property is not selective, if you make a color transparent, then every pixel in the graphic that shares that same color will become invisible. The GIF89a format also supports transparency and interlacing. GIF uses the LZW compression scheme internally to make images as small as possible without losing any data.

JPG/JPEG = Joint Photographic Experts Group. Uses lossy compression, and it is adjustable. Supports for 16.7 million colors (24 bits). Should be used for photographic images. It does not work so well on non-realistic images, such as cartoons or line drawings. Does not support animation, or, transparency. JPG results in a much smaller file size but retains a comparable visual quality to the original BMP(Basic Multilingual Plane).

PNG = Portable Network Graphics. Uses lossless compression. Better compression than GIF. Even 5%-25% more compressed than a GIF. Supports opacity (/partial transparency/alpha channel). 254 levels of transparency. Supports not only TrueColor (16.7 million colors - 24 bits) but upto 64 bits. It doesn't support animation. Interlaced PNG yields an initial image eight times faster than GIF.

MNG = Multiple-image Network Graphics. The PNG Group created a solution for animation (/multi-frame/multi-image) by PNG-like meta-format, called MNG. It supports looping, objects, and JPEG image data, among other things, not to mention all the features of PNG. More apps, better & more browser support will be necessary in order to make this widely accepted.

JNG = JPEG Network Graphics. JNG is a lossy single-image member of the PNG format family. It encapsulates a JPEG datastream in PNG-style chunks, along with an optional alpha channel and ancillary chunks that carry color-space information and comments. While JNG is primarily intended as a subformat of the MNG format, standalone JNG files are also possible.

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Use Jason Summers' MNG4IE ActiveX control/plug-in to see/view all type PNG, MNG.
If you're using Internet Explorer, or, Netscape Navigator. See the link below.
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Transparency :
Those format which supports transparency, allows a graphic designer to designate the background of the image transparent. This means that if you place a transparent picture in a white table cell/document, the background color of that image will turn white, even though the original picture's background color was different color than white.

Alpha Channel Transparency (for PNG) :
The best thing a PNG has to offer is what's called the alpha channel. An alpha channel is one byte of extra data per pixel (or palette entry for 8-bit images) that represents the transparency level of a pixel. A PNG image with alpha, is capable of 256 levels of transparency. You can anti-alias text and images so that sharp curves look good against any background. You can apply a true drop shadow which fades into the background. You can create images that take any shape or form. There are many possibilities with alpha transparency.

Interlacing :
The interlacing feature of a picture file creates the illusion of faster loading graphics. What happens is that an image is presented in a browser in several steps/passes. At first it will be fuzzy and blurry, but as more information is downloaded from the server, the image becomes more and more defined/clear until the entire image has been downloaded. PNG interlacing (formally known as Adam 7).

Dithering :
Some pictures employs a technique called "DITHERING" to trick the eye into believing the color is solid(/same/continuous), actually by using two different colors from it's own max possible color palette and placing them, in a predictable pattern. You can't really see the dithering until you zoom in quite a bit. Like, a any colored cloth, until you bring it very close to your eye, then you can see its fibers, where some colors are brighter than other, or, its a mix. However, depending on the color you choose, dithering can be more complex and therefore visible to the naked eye without zooming. And because of all the color switches from dark to light to dark, the file size necessarily increases.

Gamma :
Another nice feature of PNG images is the ability to adjust gamma based on monitor settings. Normally, the same image viewed on a Macintosh will look much lighter than when viewed on a Windows PC. By storing gamma information in an image, it can always be viewed the way it was originally intended to be viewed, as long as the application reading the PNG takes note of the gamma.
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Important Tricks & Tips & Info :
An interlaced GIF file is usually a bit larger than non-interlaced ones, so use interlacing only when it makes sense. When you're designing GIF files, avoid using gradients and turn off anti-aliasing where possible, to minimize the file size. Any JPEG file can be saved as a Progressive JPEG, which is very similar to the interlaced GIF. Use non-diethered feature for images to reduce file size. When background color is solid/same, file size will be smaller, than the textured background (mix/pattern of different color). Black and white images are only 1 bit (2 color), very small file size.
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More Info :
Since the eye has trouble distinguishing between similar colors, at 24 bit or 16 million colors, is often called "TrueColor". PNG picture files are often pronounced "PING". If a PNG is not interlaced it is viewed progressively. PNG's interlacing method uses two-dimensional interlacing scheme, and GIF uses line-wise interlacing. PNG scheme also looks better than GIF's, because horizontal and vertical resolution never differ by more than a factor of two, this avoids the odd "stretched" look seen when interlaced GIFs are filled in by replicating scanlines. PNG, JPG are actually a bitmap or raster graphics format.
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Browser Support (Specially for PNG, MNG):
GIF, JPG formats are now supported by all broweser. But, most likely GIFs will be totally replaced by PNGs, because all most all newer version of all browsers are getting released with the support of PNG, MNG. These are licensed free format, unlike GIF. Jason Summers' excellent MNG/JNG plugin will allow/let you use PNG, MNG, JNG in almost all version of any browser. Anyway, both Netscape 4.04+ and Internet Explorer 4.0+ both alone read PNG images, the windows version of MSIE 5.0 can only read one level of transparency in 8-bit PNG's (the Mac version of MSIE5.0 works perfectly!) . MSIE can be forced to use an alternate, DirectX-based rendering engine within the browser, to display PNG . Netscape's Navigator 6 and later, Mozilla and other other derivatives has had very good transparency support since April 2000, (with the exception of 8 & 16 bit X on Unix, with mediocre quality), now supports full PNG gamma support and MNG support . Recent releases of Dillo for Linux and Opera for Windows and Linux and are likewise fully capable of both transparency and gamma correction of PNG. WebTV versions after July 2000 supports both gamma and transparency of PNG reasonably well. Opera version 3.51 and later, supports PNG. February 2001, Gerard Juyn's free "libmng" achieved 1.0 status, and it is (or was) being used not only in a pair of browser plug-ins, a couple of Java applets, and in the Qt GUI toolkit, but also in Mozilla, Navigator 6 and later, Konqueror 3, and NetFront 3 and later ... helped making MNG more popular. Firefox, Netscape 6 & up, KDE Konqueror (use libmng), mMosaic supports MNG. For Mozilla, Opear you need to use plugin (see below). PNG alpha transparency support for MSIE are possible by these techniques also ... Erik Arvidsson's Microsoft-specific DirectX extensions to CSS, PNG Behavior and this extended discussion , Bob Osola's JavaScript/conditional comment solution , Sean Foy's PNGHack ASP.Net custom controls , Jorge Nerín's quick summary solution , Ranjan's "pure" CSS solution , Dean Edwards' general MSIE-CSS-fixup code (CSS + JavaScript) , Justin Koivisto's PHP auto-rewrite solution , those that are simply referenced via links or opened from disk, can be viewed, which are inlined on an HTML page via IMG tags are also just fine, and a registry hack is reported to fix the stand-alone problem. Popular solution is to use ActiveX control (see below).
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Few editors ... Adobe Photoshop (PNG, JNG), CorelDraw (PNG), Macromedia Flash (PNG), The GIMP (PNG,MNG), Adobe Illusrator (PNG), Paint Shop Pro (PNG, MNG), Inkscape (PNG), Jasc Animation Shop (MNG). Check PNG/MNG official website, what choices you have for editor.
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More Info :

http://www.w3.org/Graphics/PNG/
The W3C's PNG page. Browsers with PNG Support list http://www.libpng.org/pub/png/pngapbr.html.

http://www.libpng.org/pub/png/
PNG website. You have some question ? start from this site.

http://www.libpng.org/pub/mng/
MNG website. Browser (and plugins) support list http://www.libpng.org/pub/mng/mngapbr.html.

http://www.libmng.com/    or,    http://gjuyn.xs4all.nl/libmng/
libmng home page. Other library, toolkit is here http://www.libpng.org/pub/mng/mngaptk.html.

http://bugzilla.mozilla.org/show_bug.cgi?id=18574
Mozilla 1.4 still supports MNG, but current builds have it removed. The decision was made to save space. If you feel that's rather odd, than please sign up with bugzilla and vote for bug 18574.

http://www.aurora.dti.ne.jp/~zom/mng/
MNG Compiler by Mr. Sakura Dzuki. (PERL script & Windows binary), (In Japanese language). Mr. Sakura has put together a MNG compiler (originally written in PERL) that will take a text-file and one or more PNGs and create a MNG file from it. His site also contains nice explanations of several MNG techniques and MNG technology, and also links to other MNG related info and software. He also mentioned that J-Phone (on Japanese market) appearently have adopted MNG on their cellular phones.

http://entropymine.com/jason/mng4ie/
Jason Summers' MNG4IE ActiveX control. Allows you to handle all PNG, MNG, JNG in IE v4.0 (Internet Explorer) or higher browser in all WinOpSys. And you can get MNG Plug-in for Netscape 4.x, Opera, and other browsers that support Netscape-style plug-ins from here ( http://entropymine.com/jason/mngplg/ ).

http://www.zlib.net/    or,    http://www.gzip.org/zlib/
A Massively Spiffy Yet Delicately Unobtrusive Compression Library, (Also Free, Not to Mention Unencumbered by Patents). Lossless data-compression library for use on virtually any computer hardware and operating system. zlib was written by Jean-loup Gailly (compression) and Mark Adler (decompression).

http://www.libpng.org/pub/png/libpng.html    or,    http://libpng.sourceforge.net/
libpng is the official PNG reference library. It supports almost all PNG features, is extensible, and has been extensively tested for over nine years. This is an open source project to develop and maintain the reference library for use in applications that create and manipulate PNG (Portable Network Graphics) raster image files.

http://www.gimp.org/windows/
The GIMP is the GNU Image Manipulation Program. It is a freely distributed piece of software for such tasks as photo retouching, image composition and image authoring. It works on many operating systems, in many languages. Great Photo / image / picture Editor.

http://registry.gimp.org/plugin?id=2876
The GIMP can be extended with JNG reading/writing capabilities with this plugin by Frank Richter.

http://www.littlecms.com/
littlecms - A free color management engine in 100K. Little cms intends to be a small-footprint, speed optimized color management engine in open source form. "Little" stands for its small overhead. With a typical footprint of about 100K including C runtime, you can color-enable your application without the pain of ActiveX, OCX, redistributables or binaries of any kind.
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Here is an example of a large truecolor (24 bits color depth in each pixel) 800x400 RGB image generated by a raytracer, and is a visualisation of a 6 by 6 by 6 color cube in CIE LUV color space.





The picture shows a central grey axis and two chroma axes at right angles to this. Colored balls represent each color point in the 'cube', and clustering is clearly seen.

This interlaced (no-loss) PNG file size is                   85,865 Bytes.
Its Non-interlaced (no-loss) version's size is            63,070 Bytes.
GIF(max color possible, 8 bits) file's size is             119,058 Bytes.
JPG(almost 0% loss) version's size is                     101,075 Bytes.
JPG(with approximate 25% loss) version's size is     26,159 Bytes.
JPG(with approximate 50% loss) version's size is     19,045 Bytes.
(I have used, Ms Photo Editor to convert PNG format.)

Hi everyone, very good news, PhysOrg.com has just increased/doubled its allowed MAXIMUM IMAGE usage/link from 10  to  20 . Great. Thanks. (May 14, 2005, 3:24am).

WaterBreath,
The link sucked. It didn't take me anywhere.


Ta-ta