Hi NaveenE,
Thank you for the update. It's good to know the printer is working.
I have included a document on installing the printer on a wireless network. In the Mac OS X section there is a sub-section titled "Option two: Change an existing USB or wired (Ethernet) connection to a wireless connection". It will walk you through switching your connection from USB to wireless.
Installing the Printer Software on a Wireless or Wired (Ethernet) Network
http://h10025.www1.hp.com/ewfrf/wc/document?cc=us&lc=en&docname=c02272697