Good news Blaze,
I made a backup of all the usm modules from /tmp to another partition. Then rebooted with fresh param. When I installed wine latest which i think i downloaded already from winehq or something i dont remember now, wine configuration appeared in control panel. I clicked it but it did not show up. Then i again activated the compat library. Then it worked like charm. Am very close to making Porteus my main distribution..
I tried to install my trading windows software all went smooth and clean. But it requires Administrator privileges in windows. How to enable admin privileges with wine. Any idea.