Hi Kashyap,
I think you're on the right track. Unfortunately, there's one little step you missed: tomcat 5 requires that you create a directory for your web application (referred to as the context root, or document root, used to resolve URLs). So in your case, you have Tomcat 5.0\webapps, add something like myFirstApp and move your hi.jsp file in that directory, and try again.
So, resource "hi.jsp" should be in:
C:\Program Files\Apache Group\Tomcat 5.0\webapps\myFirstApp
If this works, just remember that whenever you have a new application,
you should have a "context root" directory name under webapps when working with tomcat 5 (and higher). This is all nicely explained in the HFSJ book which I'm currently reading.
Good luck,
Troy