If you don't mind me saying it seems that you have very little experience with Windows server systems and networks in general. Research TCP/IP and IP addressing. Practice these concepts on your virtual machines until you are confident of proceeding further.
Thanks for your help so far. I referred to Networking concepts from this book
"Pro SQL Server 2008 Failover Clustering" by Allan Hirt and found it be very useful.
Also, referred to these videos which helped me to configure networking between the VMs.
Now, Going to Part 3 of series.
M&M