Success!!!!! Finally I got my Netgear FA311 v1 card to get a DHCP address from Windows 7 RC, Internet is now on my machine tasting Windows 7.
Special thanks to Acestes who pushed me to do a R&D and helped me a lot in discarding many options and zero in on the exact setting which was causing the issue.
Thanks to this forum too.
Now had to do some more R&D in getting the CMS from Creative too to work.