Thanks, I downloade the version Boost_1_42 and then compiled using this command

Code:
bjam toolset=msvc-8.0 variant=debug threading=multi link=shared define=_BIND_TO_CURRENT_VCLIBS_VERSION address-model=64
It compiled successfully, although it generated a warning stating "No Python Installation". So in the orignial application, I changed the settings and included the path of these new boost libararies in include and lib option. But still the same error was generated

Then I used this command

Code:
bjam --toolset=msvc-8.0 address-model=64 --build-type=complete stage
Its still compiling, will let you know how it goes