Lykurg,
To check 32 or 64 bit version of linux "file /sbin/init" should be the command. I found that the installed version is 64 bit ubuntu . I installed it through wubi installer from windows which created a proper partition and installed ubuntu in it. To my surprise it installed 64 bit version though my machine is a 32 bit processor.
Anyways I installed Qt SDK 64 bit version and everything works fine. Thanks a lot for your help.

- Srikanth