Finally, we have "Kinectised" the beagleboard. After working for more than a week to install OpenNI and Kinect sensor on the beagleboard things have finally worked out for us.
Then we tried the methods given on N number of sites on the internet, still we were not able to install Kinect Sensor. Ultimately, we had to use our brain and employ some tricks to get that working. For this we understood it first by installing it on Linux installed on our laptop and then going through the files and the functions handled by them. Then we moved on to beagle board to resolve the error. Detailed process will be posted after we complete the next phase.
So, now the game is ON and we are just waiting for the delivery of Logic level converters and vibrations motors which we have ordered from Sparkfun. Stay tuned for the next updates!!