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Stefan,
Finally it worked!!! Thanks alot
I removed the local root directory paths from ROOTS of MIKTEX OPTIONS and refreshed FNDB.
Now it works

Sorry.It didnt work. :cry:
I removed the folders mentioned by you. Then from package manager i de-installed the beamer and pgf and then reinstalled. I tried to compile the
same tex file after refreshing FNDB. But the output pdf still shows error. :cry:
In the package manager now beamer shows ...

In the update list of MiKTeX 2.9 beamer and pgf is not there. So should I de-install and re-install them by the MiKTeX Package Manager?

Thank you for the reply!
I've added \listfiles in the preamble as you said. Here is the log file.

I use MiKTeX version 2.9.4521 and the TeXnicCenter 2 beta 1 as editor. It was working perfect till last month. But now when I tried to compile even a simple beamer presentation as this one.

\documentclass{beamer}

\usetheme{Warsaw}
\begin{document}
\end{document}

It gives me almost 371 errors ...