Thanx for the response!!!
The RPM I used are
"postgresql-6.5.3-6i386.rpm",
"postgresql-devel-6.5.3-6i386.rpm",
"postgresql-server-6.5.3-6i386.rpm" and
"postgresql-test-6.5.3-6i386.rpm".
These created a default superuser called "postgres", which I get to through root! The dropping database worked (I used destroydb ***), but, I am still hazy about how to create a new user for the database. Not an ACS user...but, a DB user, like postgres. Mind you, I have not installed OpenACS or even the Postgres drivers, yet!!!
Can you help me with this! Its actually more of a conceptual query on my part, than a real problem with my system!!!