>Is there any way that I can create Online aw well as Offline Applications using VFP. If so How and which by which way one should create the Forms. I mean to say that WEB Forms using ASP OR using the Form Designer? The application to be developed is supposed to be executed VIA internet.

Yes there is. Actually you have several ways, from using standard ASP code and connecting to VFP data to running a VFP program in a web server. You would have to be a little more specific on details on what you want buy I would suggest the following:

Take a look at Web Connect http://www.west-wind.com/webconnection/
and Active FoxPro Pages http://fox.wikis.com/wc.dll?Wiki~ActiveFoxproPages~VFP

Also Rick Strahl has excellent white papers that explain in detail what you need.
http://www.west-wind.com/Articles.asp especially this one might fit what you want: http://www.west-wind.com/presentations/wchttp.htm