I have Windows 7 as base OS and i have installed Virtualbox to install CentOS 6.3. Now, since i am using DHCP for my internet use, is there any way through which i could give a static IP to my CentOS VM and communicate with it. What all procedure would i follow; a link to steps would really facilitate me
If you just want the virtual machine on the same subnet as the host PC then change the network adapter to a "Bridged adapter".
Turn the virtual machine off - in the VBox manager window click on your virtual machine - in the settings window select the network tab. In the network tab change the "attached to" drop down from NAT to Bridged Adapter. Restart the machine - it will pick up an address from your DHCP server. If you don't want to use DHCP just assign the machine a static IP.
Virtualbox has a pretty good manual